Oil And Gold Analysis: Oil Soars Monday, Gold Reaches 2 Week High
ICM Brokers | Mar 24, 2015 04:27AM ET
CL
Crude oil futures soared on Monday, as the euro continued its steady rally against the dollar upon expectations of an interest rate hike by the Federal Reserve at some point this year. Crude future prices spiked on the first day of trading this week despite comments by Saudi Arabia's oil minister on global supply levels one day earlier. Speaking at a conference in Riyadh on Sunday, Saudi oil minister Ali al-Naimi denied that there was a "conspiracy theory" behind OPEC's decision in November to keep oil output unchanged. He said that there is no conspiracy and we tried to correct all the things that have been said but nobody listens. We are not against anybody we are with whoever wants to maintain market stability and the balance between supply and demand and (with regards to) price the market decides it.
GOLD
Gold futures edged up on Monday reaching two-week highs, amid modest gains from the euro against the U.S. dollar. Gold gave back some gains from a four-day rally on Tuesday but the metal was still near a two-week high touched earlier as expectations grew that a hike in U.S. interest rates could be pushed to September.
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