3 Sep 2013
Commodities eked out a small gain on Monday despite thin liquidity
FXstreet.com (Athens) - Crude Oil gained a smooth ground on Monday, mainly due to North Sea output woes and a new French report on Syria's use of chemical weapons.
Despite the ‘delay in possible U.S. military action in Syria’ and amid upbeat economic data, the Benchmark Brent crude oil prices rebounded from a $2 drop early on Monday, to rise 35 cents or 0.3 percent to settle at $114.36 a barrel. It might have been both the North Sea output woes, as well as a new French report on Syria’s use of chemical weapons, that boosted the crude oil. Due to the Labor Day holiday, the U.S. market will not issue a settlement price for Monday's activity. Regarding the sport price of gold, it edged below $1,400 an ounce, mainly due to a delay in possible U.S. military action in Syria and improved economic conditions from China and Europe. The beating Euro zone PMI data, as well as the encouraging China’s PMI, boosted the appetite for riskier assets, reducing gold’s appeal as a safe haven. Spot gold was down 0.3 percent at $1,391.51 an ounce, after falling to a one-week low of $1,374.10 earlier. While, volumes remained thin as the U.S. markets were closed for the Labor Day holiday, gold prices were on track for a third day of declines.
Despite the ‘delay in possible U.S. military action in Syria’ and amid upbeat economic data, the Benchmark Brent crude oil prices rebounded from a $2 drop early on Monday, to rise 35 cents or 0.3 percent to settle at $114.36 a barrel. It might have been both the North Sea output woes, as well as a new French report on Syria’s use of chemical weapons, that boosted the crude oil. Due to the Labor Day holiday, the U.S. market will not issue a settlement price for Monday's activity. Regarding the sport price of gold, it edged below $1,400 an ounce, mainly due to a delay in possible U.S. military action in Syria and improved economic conditions from China and Europe. The beating Euro zone PMI data, as well as the encouraging China’s PMI, boosted the appetite for riskier assets, reducing gold’s appeal as a safe haven. Spot gold was down 0.3 percent at $1,391.51 an ounce, after falling to a one-week low of $1,374.10 earlier. While, volumes remained thin as the U.S. markets were closed for the Labor Day holiday, gold prices were on track for a third day of declines.