lior

Oil prices recorded sharp gains in recent weeks and October as a whole will be one of the best performing months of 2011 for crude oil prices. The U.S. GDP rate reached a bigger than expected rate of 2.5% (Q-2-Q) and the EU agreement on the EU debt eased the concerns of the traders and helped the bullish market.

On Friday, October 28th oil price (WTI) slipped by 0.68% to $93.32/b; Brent also fell by 2.13% to $110.83/b; during October WTI rose by 13.99% and Brent by 5.13%.


Oil Stockpiles – Rose Last Week
U.S. oil stockpiles slightly inclined last week by 0.7 million barrels, to 1,758.9 million barrels. The oil stockpiles are still well below the quota recoded in 2010: the oil stockpiles are over ...

Gold and silver traders enjoyed from sharp gains to gold and silver prices during most of last week. The G20 summit, the FOMC meeting, the ECB rate decision and the U.S. labor report are the main events for the upcoming week that could influence bullion traders. The yen is sharply falling against the USD as Japan intervened in the forex market. Today, Euro Area Annual Inflation will be published, Canada's GDP report, China Manufacturing PMI and BOA Cash Rate Statement.

For the complete report silver and gold prices outlook for October 31st see here in Trading NRG

The oil market had a very volatile week as did most other commodities: the news of the EU summit agreement on debt resolution shock the financial markets and the report of the U.S. GDP growth rate may have also contributed to the sharp gains in the WTI.

By the end of the week, Brent slightly declined by 0.75% while WTI sharply inclined by 2.41%; as a result, the spread between Brent and WTI sharply decreased to $17.51/b on Friday.

For the complete analysis on oil prices weekly recap see here in Trading NRG

Gold and silver recorded a huge comeback during last week after they had slipped a week earlier. The EU debt crisis was the center of attention during last week as there were two EU summits and in the second one the EU countries reached and agreement. This agreement among EU leaders to deal with the debt crisis eased the concerns of many traders and helped push forex, commodities and stocks markets up. The news of the U.S. GDP grew by 2.5% during the third quarter of 2011 may have also helped push commodities up including gold and silver.

For the complete analysis on gold and silver prices weekly recap see here in Trading NRG