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27 Aug 2013
Commodities rising on Syrian jitters
FXstreet.com (Athens) - Commodities move sharply upwards, mainly on an escalation in the Syrian conflict, but also to the weaker US data coming across the board.
Will there be an invasion of US military forces in Syria?
Brent crude oil prices hit a five-month high above $111 a barrel on Monday as the United States signaled it was edging toward a possible military response to last week's suspected chemical attack in Syria, but prices settled slightly lower in choppy trade as weak U.S. economic data weighed. Brent crude oil futures for October delivery traded up to $111.68 a barrel, the highest since April 2, before slipping to end the day 31 cents lower at $110.73 a barrel. Trading in both benchmark contracts was less than half the 30-day average, with a public holiday in London cutting volume. What’s more, gold prices rose to an 11-week high on Monday after a surprisingly weak report on U.S. durable goods boosted hopes that the Federal Reserve will maintain its bond-buying to prolong economic stimulus. Spot gold edged up 0.3 percent to stand at $1,400.61 an ounce having earlier peaked at $1,406.10. Last but not least, silver rose 1 percent to $24.22 an ounce. Today, we will have substantial releases, i.e. IFO in Europe, Richmond Fed and consumer confidence data in the US but however… all eyes will be on the Middle East.
Will there be an invasion of US military forces in Syria?
Brent crude oil prices hit a five-month high above $111 a barrel on Monday as the United States signaled it was edging toward a possible military response to last week's suspected chemical attack in Syria, but prices settled slightly lower in choppy trade as weak U.S. economic data weighed. Brent crude oil futures for October delivery traded up to $111.68 a barrel, the highest since April 2, before slipping to end the day 31 cents lower at $110.73 a barrel. Trading in both benchmark contracts was less than half the 30-day average, with a public holiday in London cutting volume. What’s more, gold prices rose to an 11-week high on Monday after a surprisingly weak report on U.S. durable goods boosted hopes that the Federal Reserve will maintain its bond-buying to prolong economic stimulus. Spot gold edged up 0.3 percent to stand at $1,400.61 an ounce having earlier peaked at $1,406.10. Last but not least, silver rose 1 percent to $24.22 an ounce. Today, we will have substantial releases, i.e. IFO in Europe, Richmond Fed and consumer confidence data in the US but however… all eyes will be on the Middle East.