Oil And Gold Analysis: January 27, 2014
ICM Brokers | Jan 27, 2015 04:01AM ET
CL
Crude oil futures erased losses to hit the highest levels of the session on Monday, as investors reacted to bullish comments made by OPEC Secretary-General Abdalla El-Badri. Oil prices erased losses after El-Badri said he is open to meeting with non-OPEC producers to balance the market. El-Badri added that the oil prices could reach $200 per barrel if there is a lack of investment following the recent price rout.
GOLD
Gold fell more than 1% on Monday, as appetite for safe-haven assets weakened after fears over the Greek election diminished. Greek leftist party Syriza formed a coalition government with the right-wing Independent Greeks party on Monday. Syriza won 149 seats in Greece’s 300-seat parliament, while the Independent Greeks took 13 seats, giving them a comfortable governing majority. Syriza leader Alexis Tsipras has pledged to renegotiate the terms of Greece's €240 billion bailout and reverse many of the austerity measures imposed by the European Union and International Monetary Fund, raising the possibility of a major conflict with eurozone partners.
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