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Daily Commodities Analysis: Oil and Gold

ByICM Brokers
Published 02/06/2012, 08:21 AM
Updated 04/25/2018, 04:40 AM
CL2H

Oil traded near the highest price in almost a week as investors speculated that a U.S. economic recovery will boost fuel demand. Brent’s premium to West Texas Intermediate crude widened an eighth day after militants attacked a pipeline in Nigeria. Futures were little changed after rising on Feb. 3 for the first day in six as U.S. Commerce Department data showed employment climbed more than forecast in January and unemployment unexpectedly fell. The Movement for the Emancipation of the Niger Delta, the main armed group in Nigeria’s oil-rich southern region, attacked and damaged a pipeline belonging to a unit of Italy’s Eni SpA. Crude for March delivery was at $97.62 a barrel, down 22 cents, in electronic trading on the New York Mercantile Exchange at 8:49 a.m. Singapore time. The contract rose $1.48 to $97.84 on Feb. 3, the highest close since Jan. 31.

OIL

GOLD

Gold slumped the most in five weeks as the U.S. economy added more jobs in January than forecast, signaling economic growth that may reduce the need for the Federal Reserve to expand stimulus measures. Employers added 243,000 jobs in January compared with an increase of 203,000 in December, the Labor Department reported today in Washington. The median forecast of 89 economists in a Bloomberg News survey was for an increase of 140,000 jobs. The unemployment rate fell to 8.3 percent, the lowest in three years. “The growth in the U.S. is much better than expected, and that has damped the expectation of quantitative easing,” Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said in a telephone interview. “The market had priced in continued slow growth.”

GOLD

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