Crude Oil Price Update-Oil Falls by Biggest Weekly Margin Since 2008

Oil futures fell for a fifth consecutive day, marking the longest declining streak since 2008. WTI futures dropped by 2.63 percent to last settle at USD $ 97.18 per barrel. In the process, they have dropped by 15 percent since their price at 29th April of USD $ 113.93 a barrel. Brent crude futures were…Read moreRead more

Commodities Price Update-Declining Trend in Prices Continues.WTI at USD $ 94.63

All commodities registered declines during today’s morning trading. WTI crude future dropped by 5.2 percent to USD $ 94.63 a barrel. Brent crude future dropped by 5.1 percent to USD $ 105.15 a barrel. Silver future fell by 3.99 percent to USD $ 34.795 an ounce, while Gold future regained its value by 0.41 percent…Read moreRead more

Exchange Rates Update-EURO,Yen Decline. AUD Gains

The Euro plunged against major currencies, after the European Central Bank decided not to raise interest rates to tackle inflation. At the time of market closure, the Euro-USD exchange rate registered a slight gain of 0.0325 percent to be at USD $ 1.4544. The European Central Bank president, Jean Claude-Trichet, announced that the central bank…Read moreRead more

Gold and Silver Price Update-Silver On Path of Decreasing by Biggest Margin Since 1975

Gold and silver registered decline in their prices, as commodities generally dropped in value due to a series of news hinting towards a weak outlook of the global economy. Silver future last settled in at USD $ 34.825 an ounce, falling by 3.90 percent, while gold future made a slight gain of 0.45 percent and…Read moreRead more

Crude Oil Price Update-Oil Makes Slight Advances After Plunging by Biggest Margin in Two Years

Oil prices made advances after plunging by the biggest percentage decline in two years. WTI crude future gained by 0.44 percent to last settle in at USD $ 100.24 per barrel. Brent crude future closed the market at USD $ 111.90 per barrel, increasing by 0.99 percent. Oil fell dramatically by 8.6 percent on the…Read moreRead more

Currency Update-Euro Registers Gains, USD and AUD Fall

The Euro gained against the US, on expectations that the European Central Bank is looking towards increasing interest rates to combat inflation. The Euro/USD exchange rate rose by 0.2210 percent to be at USD $ 1.4860. The European Central Bank President, Jean-Claude Trichet, is expected to announce today an increase in the interest rates in…Read moreRead more

Commodities Price Update-Silver Futures Decline Significantly,Gold Registers Slight Increase

Silver futures fell for a third consecutive day,while registering the largest decline in value in a three day period in 28 years.Silver future last settled in at USD $ 39.075 an ounce, falling by 0.79 percent. The decline in Silver was due to the Comex’s owners, CME Group, raising the minimum amount of cash to…Read moreRead more

Crude Oil Price Update-Oil Falls On Signs That US Economy is Slowing Down

Crude oil fell for a fourth consecutive day, the longest streak in almost two months, on signs that the US economy’s growth rate was slowing down. WTI crude future fell by 0.40 percent to USD $ 108.80 per barrel, while Brent crude future fell by 0.16 percent to USD $ 121 per barrel. Reports released…Read moreRead more

Saudi Arabia Not Finding Buyers For Excess Oil- The Peak Sweet Blend debate

Oil extracted from Libyan oil fields has sulfur content between 0.01 to 0.07 percent, and is classified as “very sweet” crude. This sweet crude is heavily in demand from European refineries, since they are restricted to using this type of oil due to strict pollution rules. On the other hand, crude extracted from Saudi oil fields has much higher sulfur content and is classified as “sour crude”.

Currencies Update-USD Increases Against All Major Currencies

The US Dollar made advances against all major currencies, before the release of US reports which are expected to show an increase in employment and a growth in the services industry. The Euro-USD exchange rate fell by 0.1344 percent to 1.4806. The USD-JPY exchange rate fell by 0.0513 percent to its value of 80.8975. The…Read moreRead more