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10 Sep 2013
Commodities declined on easing fears of war in Syria
FXstreet.com (Athens)-The Commodities slipped yesterday as new proposals regarding Syria’s issue, eased fears of an imminent war to the country.
Commodities tumbled across on Monday, on easing worries on Syria’s issue.
Benchmark Brent oil prices posted their biggest decline in nearly three months on Monday, diving as much as $3 a barrel as new proposals to clamp down on Syria's chemical weapons eased fears of an imminent military strike against the country. Elaborating on, Brent crude oil for October delivery settled $2.40 per barrel lower, or 2.07 percent, at $113.72 a barrel, with losses deepening to $113 in post-settlement trade. It was the contract's largest one-day percentage loss since June 20. Furthermore, front-month U.S. crude oil futures settled $1.01 per barrel lower at $109.52 a barrel, after trading as low as $109.26. What’s more, Brent's premium to U.S. crude oil settled at $4.20, its narrowest close since Aug. 19. In addition to the above, spot price of gold edged lower as the greenback strenthened on Monday but a possible delay in the U.S. Federal Reserve's decision to taper off its bond-buying program could boost the metal's safe-haven appeal. Thus, Gold slipped 0.3 percent to $1,387.26 an ounce. It fell to $1,362.55 on Friday, its weakest since August 22, before rallying after data showed U.S. employers hired fewer workers than expected in August. Finally, silver fell 0.7 percent to $23.65 an ounce. Traders should always bear in mind, that while we are in an uptrend pattern behavior, silver does usually track the gold’s trend behavior, but when we are on the downwards side, silver very often falls at a much higher pace than the gold one.
Commodities tumbled across on Monday, on easing worries on Syria’s issue.
Benchmark Brent oil prices posted their biggest decline in nearly three months on Monday, diving as much as $3 a barrel as new proposals to clamp down on Syria's chemical weapons eased fears of an imminent military strike against the country. Elaborating on, Brent crude oil for October delivery settled $2.40 per barrel lower, or 2.07 percent, at $113.72 a barrel, with losses deepening to $113 in post-settlement trade. It was the contract's largest one-day percentage loss since June 20. Furthermore, front-month U.S. crude oil futures settled $1.01 per barrel lower at $109.52 a barrel, after trading as low as $109.26. What’s more, Brent's premium to U.S. crude oil settled at $4.20, its narrowest close since Aug. 19. In addition to the above, spot price of gold edged lower as the greenback strenthened on Monday but a possible delay in the U.S. Federal Reserve's decision to taper off its bond-buying program could boost the metal's safe-haven appeal. Thus, Gold slipped 0.3 percent to $1,387.26 an ounce. It fell to $1,362.55 on Friday, its weakest since August 22, before rallying after data showed U.S. employers hired fewer workers than expected in August. Finally, silver fell 0.7 percent to $23.65 an ounce. Traders should always bear in mind, that while we are in an uptrend pattern behavior, silver does usually track the gold’s trend behavior, but when we are on the downwards side, silver very often falls at a much higher pace than the gold one.