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Commodities Trade in Red During Friday’s Session

Summary:
The vast majority of commodities posted losses during the Friday’s European trading session. Crude oil reversed yesterday’s gains today. Yesterday, the commodity surged about 3% on the news that Saudi Arabia is going to limit its exports to the United States in effort to drain US stockpiles of crude. Yet today, futures for oil declined as the market sentiment got hit by disappointing macroeconomic data released in China. Futures for delivery of WTI crude oil declined 0.7% to .21 per barrel as of 11:52 GMT on NYMEX today. February Brent crude dropped 0.93% to .88 per barrel on ICE. Gold, as well as silver, followed the euro in the decline as negative news from the eurozone hurt the shared 19-nation currency, giving boost to the US dollar in the meantime. Precious metals often trade

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The vast majority of commodities posted losses during the Friday’s European trading session.

Crude oil reversed yesterday’s gains today. Yesterday, the commodity surged about 3% on the news that Saudi Arabia is going to limit its exports to the United States in effort to drain US stockpiles of crude. Yet today, futures for oil declined as the market sentiment got hit by disappointing macroeconomic data released in China. Futures for delivery of WTI crude oil declined 0.7% to $52.21 per barrel as of 11:52 GMT on NYMEX today. February Brent crude dropped 0.93% to $60.88 per barrel on ICE.

Gold, as well as silver, followed the euro in the decline as negative news from the eurozone hurt the shared 19-nation currency, giving boost to the US dollar in the meantime. Precious metals often trade in direct correlation to the euro and inverse correlation to the dollar. Yesterday, Mario Draghi, President of the European Central Bank, made dovish remarks, highlighting economic weaknesses of the eurozone. Today, he was proven right by disappointing European Purchasing Managers’ Indices. Contract for delivery of gold in February lost 0.43% of its value to $1,242 per troy ounce on COMEX today. Silver subtracted 1.11% to trade at $14.69 per ounce.

Grains were in the red as well, especially soybean as traders were disappointed by the amount China plans to purchase from the USA. Contract for delivery of soybean in March went down 0.54% to $9.155 per bushel on CBoT today. Corn slipped 0.13% to $3.8375 per bushel. Wheat slumped 0.56% to trade at $5.33 per bushel.


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Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

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