Oil, Gold Both Driven By Ukraine Situation
ICM Brokers | Apr 17, 2014 02:52AM ET
CL
Oil is being driven more by the Ukraine situation,” Guy Wolf, global head of market analytics at Marex Spectron Group in London, said by e-mail. “Does this situation mean more intense disagreements elsewhere, as in the Cold War? In a tight market, such as WTI, anything can have an amplified effect.” “Oil prices have been quick to dismiss macroeconomics lately,” Michael Poulsen, an analyst at Global Risk Management in Middelfart, Denmark, said by e-mail. “The tensions in Ukraine are the main driver for oil prices at the moment.” “Oil prices have been quick to dismiss macroeconomics lately,” Michael Poulsen, an analyst at Global Risk Management in Middelfart, Denmark, said by e-mail. “The tensions in Ukraine are the main driver for oil prices at the moment.” Stockpiles probably rose by 1.75 million barrels to about 385.9 million in the seven days ended April 11, according to the median projection of 10 analysts. Supplies climbed by 7.64 million barrels, the industry-funded American Petroleum Institute said in Washington yesterday.
GOLD
Gold advanced, rebounding from the biggest drop in 16 weeks, as turmoil in Ukraine spurred demand for the precious metal as a haven. The metal has climbed 8.4 percent this year, partly on signs of a faltering U.S. economy and speculation that the Federal Reserve may slow the pace of tapering monetary stimulus. “There is little question that the economy has remained far from maximum employment,” Fed Chair Janet said in a speech today. Since then, Gold trade at 1300.
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