Crude oil prices extend losses

Wednesday, November 12, 2014

Crude oil prices continue to remain under pressure, with Brent front month futures falling towards $81 per barrel and WTI front month futures heading towards $77 per barrel. The stronger US dollar currently weighs further on market sentiment while oil fundamentals continue to remain fairly bearish.

WTI front month futures are heading towards $77/barrel

CLZ4 Comdty (WTI CRUDE FUTURE  D 2014-11-12 08-57-37

Spot Gold edged higher yesterday to test a high at $1,173. This morning the yellow metal consolidated around $1,160 in early trade. Spot silver prices remained under pressure trading around $15.6, holding short-term support $15.05.  

European equity markets opened the session in negative territory, ahead of the release of key macroeconomic indicators including UK BoE inflation report and ILO unemployment rate as well as Eurozone’s industrial production figures. The CAC, DAX, IBEX and London equity benchmark remained under pressure in early trade after retreating between 0.15% and 0.55%.

In Asia, the Nikkei index extended gains adding more than 0.4% to retest 17,200, while the Hang Seng rallied more than 120 points (+0.55%) towards 23,940. In the US, volumes remained muted due to the US Veterans Day.

Silver spot

XAG Curncy (Silver Spot  $_Oz )  2014-11-12 08-38-41

Events for today:

0930

UK

Oct

Claimant Count

0930

UK

Sep

ILO Unemployment Rate

1000

EZ

Sep

Industrial Production

1030

UK

Nov

BoE Inflation Report

1530

US

w/e

EIA Energy Stocks

 

All times UK Local Time

Topics: WTI, Brent, Gold, Silver, BoE, Inflation, UK
More from: Myrto Sokou