11 Nov 2013
Crude oil consolidates, gold declines
FXstreet.com (Athens) – Oil prices are heading slightly higher in consolidation mode in the first day of the week, while gold continues to extend its losses.
Crude oil is trading at $94.48, up 0.17% while Brent oil is also moving higher at $105.78, up 0.78% ahead of a day absent of data due to the US Veterans day, as well as due to the bank holiday in many Euro land’s States. On Friday, due to the strong NFP the DXY rose 0.5 percent to 81.242, with the peak on the day a near two-month high of 81.482. What’s more, Brent oil rose by nearly $2 per barrel on Friday as traders covered short positions going into the weekend and kept a close watch over a meeting between Western powers and Iran over its nuclear program and renewed violence in Libya. In addition, U.S. oil ended 40 cents higher at $94.60, after dropping to a session low of $93.90. Pertaining to gold, gold is trading at 1282.93/ounce down 0.41%, partly as the DXY continues to rise as well as due to the fact that market participants have already started to ‘price in’ the prospect that the Federal Reserve may soon decide to temper its bond-buying stimulus. Traders should also bear in mind that on Friday, gold dropped 1.7 percent notching its biggest one-day fall in more than a month.
Crude oil is trading at $94.48, up 0.17% while Brent oil is also moving higher at $105.78, up 0.78% ahead of a day absent of data due to the US Veterans day, as well as due to the bank holiday in many Euro land’s States. On Friday, due to the strong NFP the DXY rose 0.5 percent to 81.242, with the peak on the day a near two-month high of 81.482. What’s more, Brent oil rose by nearly $2 per barrel on Friday as traders covered short positions going into the weekend and kept a close watch over a meeting between Western powers and Iran over its nuclear program and renewed violence in Libya. In addition, U.S. oil ended 40 cents higher at $94.60, after dropping to a session low of $93.90. Pertaining to gold, gold is trading at 1282.93/ounce down 0.41%, partly as the DXY continues to rise as well as due to the fact that market participants have already started to ‘price in’ the prospect that the Federal Reserve may soon decide to temper its bond-buying stimulus. Traders should also bear in mind that on Friday, gold dropped 1.7 percent notching its biggest one-day fall in more than a month.