FX.co ★ Crude oil and Gold review

Crude oil.

During Thursday\'s deals crude oil futures closed with increasing, though they are still could not breach the current maximum level of 2009, as signs of economic recovery are not enough to justify the further prices increase.

By the results of New York commodity exchange September futures quotations of light — weight sweet oil grew by 12 cents or by 0,2% to $72,54 per barrel. The validity of September agreements was made void at Thursday\'s deals closure, so October futures were trading more extensively; by the results of the trades their price declined by 92 cents or by 1,3% to $72,91 per barrel. October oil futures quotations of Brent trademark dropped by $1,26 or 1,7% to $73,33 per barrel.

The last two days the crude oil futures almost hit 10-month high, but the traders did not have the opportunities to push futures higher than the current maximum level of 2009 near $72.68 recorded on June,11. Oil prices grew more than twofold, compared to the lows reached at the beginning of the year in the height of the world economic crisis. However, the further increase appeared to be obstructed, as the economies of the USA and other countries are continuing to face the challenges. For economy state estimation the oil traders use the stock indices. So they need a steady growth of American shares quotations to push the oil prices upward.

Gold.

By the results of COMEX deals December futures quotations for Gold decreased by $3,10 to $941,70 per troy ounce, herewith the yellow metal had been trading in a narrow range for the most part of the session.

Appearingly, the investors are trying to form the opinion on the economy situation. This reflects on the markets which are connected as to consumer so to investment demand. Shares, the dollar and oil indices, which often set up the deals pace upon Gold, totally also showed a fishy trading. The Gold futures quotations hit the sessional lows after the less favorable than expected data on jobless claims in the United States were released. Nevertheless, the purchases upon the technical factors probably could the Gold futures quotations rise from lows.
On Friday, there may be a closing — down of some positions at the commodity market, especially after the sharp oil price growth on Wednesday.

Kind regards,

Analyst: Vladimir Donin.