4 Nov 2013
Crude oil slightly higher after Friday’s sharp losses, risk-on sentiment
FXstreet.com (Athens) – The oil prices in both sides of Atlantic are on the upper level on the mid-European trading session, partly due to a softly risk on sentiment inspired by Chinese PMI and mostly due to a corrective movement after Friday’s sharp losses.
Crude oil is trading slightly higher on Monday, at 94.84, up 0.23% while Brent oil is also moving higher at 106.48, up 0.41%. The upwards trend shift of oil prices could be well attributed to the weekend upbeat Chinese PMI’s, as well as due to the today’s solid Australian retail sales data, that boosted risk on appetite. On Friday, the U.S. crude oil futures sank to the lowest since June, while Brent ended with its largest daily percentage loss also since June. Brent's steeper losses narrowed its premium over WTI CL by $1.16 from Thursday's close, after it hit a seven-month high of $13.60 in the previous session. Pertaining to gold, gold’s price is heading very softly downwards at 1314.20, down 0.14%, mostly in a consolidation mode after having fallen about 1 percent on Friday, posting its biggest weekly loss in seven weeks, as renewed anxiety about the U.S. Federal Reserve could scale back its bond-buying stimulus prompted bullion investors to reduce positions.
Crude oil is trading slightly higher on Monday, at 94.84, up 0.23% while Brent oil is also moving higher at 106.48, up 0.41%. The upwards trend shift of oil prices could be well attributed to the weekend upbeat Chinese PMI’s, as well as due to the today’s solid Australian retail sales data, that boosted risk on appetite. On Friday, the U.S. crude oil futures sank to the lowest since June, while Brent ended with its largest daily percentage loss also since June. Brent's steeper losses narrowed its premium over WTI CL by $1.16 from Thursday's close, after it hit a seven-month high of $13.60 in the previous session. Pertaining to gold, gold’s price is heading very softly downwards at 1314.20, down 0.14%, mostly in a consolidation mode after having fallen about 1 percent on Friday, posting its biggest weekly loss in seven weeks, as renewed anxiety about the U.S. Federal Reserve could scale back its bond-buying stimulus prompted bullion investors to reduce positions.