12 Jan 2015
Oil falls for seventh straight week, Gold rebounds – ANZ
FXStreet (Barcelona) - According to ANZ, OPEC reaffirming its stance to keep its production unchanged kept Crude under pressure as it fell for the seventh week straight, further sharing that Gold rebounded 1.2% with fresh positions in Gold ETF’s supporting the precious metal.
Key Quotes
“Crude oil prices fell for the seventh straight week, as OPEC reaffirmed its stance, with the UAE oil minister saying his country has no plans to alter output.”
“Reports suggest top oil trading firms are hiring supertankers to store crude offshore for future delivery once prices recover. A similar situation occurred in 2009, when oil prices fell below USD40/bbl.”
“Precious metals rebounded, with gold prices up 1.2%, despite better than expected US payrolls data. Gold exchange-traded funds appear to be rebuilding positions, which should be supportive.”
Key Quotes
“Crude oil prices fell for the seventh straight week, as OPEC reaffirmed its stance, with the UAE oil minister saying his country has no plans to alter output.”
“Reports suggest top oil trading firms are hiring supertankers to store crude offshore for future delivery once prices recover. A similar situation occurred in 2009, when oil prices fell below USD40/bbl.”
“Precious metals rebounded, with gold prices up 1.2%, despite better than expected US payrolls data. Gold exchange-traded funds appear to be rebuilding positions, which should be supportive.”