NASDAQ reports that Commodities finished higher for the day as crude futures while gold futures rallied to a new record high as the dollar strengthened.
Articles Tagged "commodities"
Bloomberg reports that Oil rose from the lowest level in a week after the U.S. economy grew more than previously estimated in the third quarter.
The Wall Street Journal reports that Oil futures fell Tuesday, ending a six-day streak of higher prices as the dollar rebounded.
Oil rose for a second day on Wednesday, after an industry group reported U.S. crude stockpiles dropped for the second week in a row and the dollar declined. Oil has climbed 34 percent this year, tracking global equity markets on optimism that an economic recovery will spur demand for fuel. Additional support for crude prices came from the dollar, which fell to the lowest level against the euro since March, bolstering demand for commodities as a hedge against inflation.
Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Recent dismal economic data and growing U.S. inventories kept oil prices below $50 a barrel Friday despite hopes of a possible second-half recovery in crude demand. Benchmark crude for May delivery fell 40 cents to $49.58 a barrel by Noon in European electronic trading on the New York Mercantile Exchange. The contract on Thursday rose 73 cents to settle at $49.98.
Exchange-traded commodities investments in energy almost tripled to a record $1.5 billion in the first quarter of this year as oil prices increased sharply. For full story, click here
It was a stock that people loved to hate. During the first half of 2008, investors cringed when they saw rallies in the price of oil. As crude surged to $150 a barrel last year, equity investors bemoaned the hit, and worried and gossiped about the outlook for consumer-oriented firms which would need to spend more on gas. Then the tide turned.
Raghavan Sundararajan, Research Analyst, Kotak Commodities, believes there is a good possibility that crude prices could even surge to USD 56-57 per barrel. For full story, click here