Crude Futures Rally On Ukraine Concerns
ICM Brokers | Aug 18, 2014 03:33AM ET
Crude Oil
Crude oil futures rallied sharply on Friday, on news that Ukrainian troops destroyed a portion of a Russian column of armored vehicles, underlining fears that the conflict will escalate and disrupt crude shipments out of Russia. Elsewhere, crude oil for delivery in September surged 1.85%, or $1.77, to end the week at $97.35 a barrel by close of trade on Friday. Meanwhile, the New York Federal Reserve said that its Empire State manufacturing index fell to a four month low of 14.69 this month, from a reading of 25.60 in July, worse than expectations for a decline to 20.0.
Gold
Gold declined on Friday, but the precious metal managed to recoup most of the day’s losses amid an escalation of the conflict in eastern Ukraine. Data this week may show U.S. sales of previously owned homes probably held near an eight-month high in July. Bullion rallied 8.2 percent this year, even as the Federal Reserve reduced stimulus, in part on tensions in Ukraine and the Middle East. The Fed, which has kept its benchmark lending rate near zero percent since December 2008, will this week release minutes of its meeting in July, when it cut asset purchases for a sixth time. A report last week showed U.S. industrial output advanced, adding to signs that the recovery is gaining traction. Fed Chair Janet Yellen is scheduled to speak this week at a central bankers’ conference in Jackson Hole, Wyoming.
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