More stability in Europe increases oil prices

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Source: Marktwatch
© Scanpix/AP

Situation in Europe started to stabilize as political tensions in Italy and Greece became lower. The prospects of oil demand are positive and crude oil price for December delivery increased by 0.8% approaching to $98.46 a barrel as traded on the New York Mercantile Exchange.

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Fri, 11 Nov 2011 18:02:51 GMT

Lower dollar is positive for commodities

The dollar index DXY fell by 0.88%. It was traded at 77.218 on Friday compared to 77.660 Thursday in North American trading. Lower dollar value contributes positively to commodity trade as the price for them is lower for other currency holders.

Fri, 11 Nov 2011 18:02:25 GMT

Gold implies stability

Economic problems in Europe and US led to frequent fluctuations in stock market. Although gold-mining shares are gradually rising as they are considered to be more stable. Shares of Newmont Mining Corp. and Barrick Gold Corp. went up by 9%. NYSE Arca Gold Bugs Index increased by 11%. Gold prices were up by 8% as compared to the end of Q3.

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