Crude oil
Crude oil futures remained almost unchanged on Thursday in comparison with the previous day closing rate. The new wave of the oil demand, related to the 4th quarter beginning, parried inconsistent signals about the force of the American economy recovery. According to the trading results of the New York Commodity Exchange, the November sweet crude oil futures ticked 21 cent to 70,82 dollars per barrel, it is the highest rate since September, 22. Brent oil futures price jumped by12 cents to 69,12 dollars per barrel. Oil futures partially lost support because of conciliatory tone of the negotiations in Geneva between "six" international intermediaries and Iran on a theme of this country nuclear program. Iran asserts for a long time that develops the atomic power engineering, instead of the nuclear weapon program which could constitute a menace for Israel and Near-Eastern region neighbors. This situation has worsened last days when it became known that the Iran nuclear program has more large-scale character, than was thought earlier. However, the USA and Iran comments released on Thursday at the beginning of negotiations were positive and the parties plan to continue the dialogue. Iran signaled about the intention to activate cooperation with IAEA in inspections on the Iranian objects.
Besides, with the 4th quarter beginning there was a futures demand new wave. It helped the prices to keep relative growth propensity, despite the situation with Iran and the USA inconsistent economic data.
Gold
Gold futures fell on Thursday amid the US dollar strengthening and decrease of the stock indexes and prices for the other metals. According to COMEX trading results, division of the New York Commodity Exchange, the December gold futures quotations ticked down by 8,60 dollars to 1000,70 dollars per ounce. Not long after the internal gold session closing the dollar index traded with the increase of 0,484 points, or more than 0,6 %, at a level of 77,137 points. The gold is often bought by the inverse relation to the dollar rate for the American currency risk hedging. The general reduction of metals prices and stock indexes falling also put pressure upon the prices. The other source of pressure became the profit fixing in expectation of the USA non-farm payrolls data.
Regards,
Analyst: Vladimir Donin
