Commodities Update 61
Rise of oil price, drop of gold price
The oil price was able to stabilize in the last trading week. The price of a barrel Brent increased to USD 47.88, which is over USD 1 more than last Friday. The same development applies for WTI oil which was able to quote at USD 46.59. At the OPEC meeting last Friday in Doha, Iran was offered to keep its production at a constant level of 3.92 Million barrel per day.
Gold recovered from its five-month-low on Friday at 1,203.33 per fine ounce. As the gold price decreases the Dollar increases. Ever since the presidential election the Dollar has profited from expected investments in infrastructure, which could strengthen the US economy.
The demand of industrial metals is solid. The price of nickel increased 3 percent to USD 11,200 per barrel as well as chopper to USD 5,550. The metals therefore are able to regain value in comparison to last week.