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Gold Rises, Crude Oil Climbs More than 3% After Attack on Two Tankers in Gulf of Oman

Summary:
Risk aversion surged on markets after what was supposedly an attack on two oil tankers in the Gulf of Oman. Gold tends to rise in an environment of uncertainty and fear, and today it was the case. Futures for delivery of bullion in August rose 0.13% to ,338.60 per troy ounce as of 13:38 GMT on COMEX today. July silver edged up 0.12% to .77 per ounce. Usually, crude oil suffers during risk aversion, but today the commodity rallied, jumping more than 3%. The reason for such an amazing performance was concern about supply from Middle East caused the news about the supposed attack. The rally allowed to erase yesterday’s losses caused by release of supply data from the Energy Information Administration, which showed an increase of US oil inventories by 2.2 million barrels last week instead

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Risk aversion surged on markets after what was supposedly an attack on two oil tankers in the Gulf of Oman. Gold tends to rise in an environment of uncertainty and fear, and today it was the case. Futures for delivery of bullion in August rose 0.13% to $1,338.60 per troy ounce as of 13:38 GMT on COMEX today. July silver edged up 0.12% to $14.77 per ounce.

Usually, crude oil suffers during risk aversion, but today the commodity rallied, jumping more than 3%. The reason for such an amazing performance was concern about supply from Middle East caused the news about the supposed attack. The rally allowed to erase yesterday’s losses caused by release of supply data from the Energy Information Administration, which showed an increase of US oil inventories by 2.2 million barrels last week instead of a drop by 1.0 million barrels predicted by experts. Futures for delivery of WTI crude oil in July jumped 3.73% to $53.05 per barrel on NYMEX today. Brent crude for delivery in August surged as much as 3.94% to trade at $62.33 per barrel on ICE.


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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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