Oil rises above $67 on Goldman forecast
LONDON: Oil rose above $67 a barrel on Thursday after a 3.5% decline the previous day, boosted by forecasts of higher oil prices from US investment bank Goldman Sachs. US crude for July delivery rose $1.10 to $67.22 a barrel by 1135 GMT. London Brent crude gained $1.43 to $67.31. Further support for oil prices came from a weaker dollar, which can boost the appeal of oil and other commodities as a hedge against inflation. "For the better or for the worse, a switch in the Goldman price forecast rarely does not have a price influence and we will need to take it as a market input for the next few days," said Petromatrix analyst Olivier Jakob. Goldman Sachs raised its end of 2009 oil price forecast to $85 a barrel from $65 and introduced a new end of 2010 forecast of $95. "The recent rally in WTI (US crude) prices is likely to be but the first stage in the oil price rally that we expect will accompany a recovery in economic activity," Goldman said in a research note.
Gold dips on weak demand
MUMBAI: Both the precious metals, silver and gold, dropped on the bullion market on Thursday due to lack of demand coupled with stockists offerings at current levels on the back of overnight fall in New York market. Gold and silver prices fell in New York on Wednesday as the dollar rose from a five-month low against the euro, after data showed the European economy shrank 2.5% in the first quarter. Standard gold (99.5 purity) dropped by Rs 115 per 10 grams to Rs 14,760 from Rs 14,875 on Wednesday. Pure gold (99.9 purity) also ended with a similar margin of Rs 115 to Rs 14,830 from Rs 14,945 previously.
Copper stays steady
LONDON: Copper steadied on Thursday, gaining support from rising equities and a weaker dollar, but a fresh spate of weak data kept demand concerns alive. Copper for three-months delivery on the London Metal Exchange traded at $4,923 a tonne at 0921 GMT from a close of $4,915 on Wednesday. The metal used extensively in power and construction rose above $5,000 earlier this week as stronger data fanned speculation that the global economy could have hit a floor. Other data showed new orders received by US factories rebounded in April, but the previous month's figure was sharply revised downwards to show a steeper drop.
LONDON: Oil rose above $67 a barrel on Thursday after a 3.5% decline the previous day, boosted by forecasts of higher oil prices from US investment bank Goldman Sachs. US crude for July delivery rose $1.10 to $67.22 a barrel by 1135 GMT. London Brent crude gained $1.43 to $67.31. Further support for oil prices came from a weaker dollar, which can boost the appeal of oil and other commodities as a hedge against inflation. "For the better or for the worse, a switch in the Goldman price forecast rarely does not have a price influence and we will need to take it as a market input for the next few days," said Petromatrix analyst Olivier Jakob. Goldman Sachs raised its end of 2009 oil price forecast to $85 a barrel from $65 and introduced a new end of 2010 forecast of $95. "The recent rally in WTI (US crude) prices is likely to be but the first stage in the oil price rally that we expect will accompany a recovery in economic activity," Goldman said in a research note.
Gold dips on weak demand
MUMBAI: Both the precious metals, silver and gold, dropped on the bullion market on Thursday due to lack of demand coupled with stockists offerings at current levels on the back of overnight fall in New York market. Gold and silver prices fell in New York on Wednesday as the dollar rose from a five-month low against the euro, after data showed the European economy shrank 2.5% in the first quarter. Standard gold (99.5 purity) dropped by Rs 115 per 10 grams to Rs 14,760 from Rs 14,875 on Wednesday. Pure gold (99.9 purity) also ended with a similar margin of Rs 115 to Rs 14,830 from Rs 14,945 previously.
Copper stays steady
LONDON: Copper steadied on Thursday, gaining support from rising equities and a weaker dollar, but a fresh spate of weak data kept demand concerns alive. Copper for three-months delivery on the London Metal Exchange traded at $4,923 a tonne at 0921 GMT from a close of $4,915 on Wednesday. The metal used extensively in power and construction rose above $5,000 earlier this week as stronger data fanned speculation that the global economy could have hit a floor. Other data showed new orders received by US factories rebounded in April, but the previous month's figure was sharply revised downwards to show a steeper drop.
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