Oil tumbles as U.S. inventories seen surging

Source: Bloomberg
Oil slipped from a one-week high on Wednesday amid belief that U.S. crude inventories soared 1.5 million barrels last week, the world's major user of the fuel. Futures fell 0.7% after gaining 3.4% on Tuesday amid higher tension in the Middle East. November-delivery oil slid 68 cents to $91.71 per barrel in New York, while the same month Brent crude lost 70 cents to $113.80 per barrel.
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Wed, 10 Oct 2012 08:13:07 GMT

Australia consumer confidence rises in October

Australian consumer sentiment advanced marginally in October, Westpac and Melbourne Institute reported on Wednesday. However pessimists outnumbered optimists even after an unexpected quarter-point cut in the cash rate by the RBA early this month. The headline consumer sentiment index added 1% to 99.2, compared to 98.2 in September.

Wed, 10 Oct 2012 10:03:10 GMT

Silver slumped on strong greenback

Precious metals tumbled on global growth concerns. Moreover, disappointing news from Eurozone sent the greenback higher thus pushing the precious metals down. Mario Draghi stated that the region's economy faces difficult times. Gold lost its safe-haven appeal, falling 0.58% on high risk-aversion amid global economic challenges. Solid greenback also weighted down on the yellow metal. Silver declined on weak global equities

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