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Miroslav Petkov Senior Dealer International Markets |
Oil traded near its lowest level in six months, then signals the decline in demand for raw material, after the crisis in the euro area continues to deteriorate, and the U.S. economy slowed down. Futures traded with minor amendments may be directed to a third consecutive week of declines. Greece's rating was downgraded by Fitch, and Moodys downgraded 16 Spanish banks. The manufacturing index unexpectedly dropped Philadelphia, which showed a decline of the U.S. economy. "According to a bearish market is expected to continue t. All fear of what might happen in Europe and U.S. data are mixed. "- Shared by Westpack Banking Corp.
Crude oil for June delivery fell to $ 92.55 a barrel yesterday after the contracts lost 25 cents to $ 92.56 a barrel. Since the beginning of the week, oil fell by 3.7% and this year has lost 6.4 percent of its value. Brent with delivery in July fell 71 cents, or 0.7 percent to $ 106.78 a barrel.
Gold traded with slight modifications around $ 1,575.35 an ounce, after yesterday rose nearly 3% after fears about the euro area increased and the manufacturing index reported in the U.S. unexpectedly dropped, prompting investors to focus on the precious metal as an alternative to currencies. Silver is trading with slight modifications around $ 28.08 an ounce.
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