Oil And Gold Analysis : September 12, 2013
ICM Brokers | Sep 12, 2013 04:52AM ET
Crude swung between gains and losses after Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries, said the global oil market is well-supplied. Crude fluctuated in New York after Ali Al-Naimi, Saudi Arabia’s oil minister, said the nation will meet additional demand as geopolitical concerns dominate the market. The U.S. and Russia meet today to discuss a plan for Syria to surrender its chemical weapons. Prices rose yesterday for the first time in three days as government data showed supplies at the largest U.S. oil hub shrank to the lowest since February 2012.
GOLD
Gold retreated to a three-week low on speculation that the U.S. Federal Reserve will commit to reducing stimulus next week. Gold has declined 19 percent this year amid expectations that the Fed will pare its $85 billion a month of bond-buying as the economy improves. While data today may show U.S. jobless claims rose for the first time in three weeks, Gold dropped as much as 0.8 percent to $1,354.51 an ounce, the lowest level since Aug.
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