Crude Oil
Crude oil futures slightly rose on Monday, having got a support amid the US dollar decrease and reports about the refinery’s several plants laying-off.
According to the trading results of the New York Commodity Exchange, the November sweet crude oil futures ticked up by 46 cents to 70,41 dollars for barrel. Futures were trading in a range between 68,05-71,00 dollars. The November Brent oil futures fell in price by 3 cents to 68,04 dollars per barrel.
The ExxonMobil Corp. company informed about several plants laying-off at the refinery in the Californian city Torrance. At the end of last week there were messages about the stopped the petroleum production plant at Exxon factory in the State of Louisiana, due to the malfunctions. Besides, Valero Energy Corp. company announced that they close factory in the Delaware.
Gold
Gold futures sharply increased on Monday that was caused by the US dollar weakness. Purchases of futures were accelerated on technical factors.
December Gold futures in follow-up of COMEX trading up by 13,50 dollars to 1017,80 dollars per ounce.
The oil prices reduction were limiting growth of the gold futures quotations during the most part of the session on Monday. However, finally the oil prices jumped from a minimum that, possibly, supported the gold in the end of the trading.
The gold growth potential strengthened amid the technical purchases, caused by the fact that prices exceeded the last week highs where were put the stop-orders.
On Monday of the December gold futures quotation exceeded the last week high around 1011 dollars: the Wednesday maximum of 1010,80 dollars and Thursday maximum at a level of 1011,10 dollars.
Technical support to gold was provided also by the circumstance that on Friday futures closed above the 20-days moving average, which was around 1004,80 dollars on Monday.
Regards,
Analyst: Vladimir Donin
