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11 Sep 2013
Commodities on a sharp fall as Syria’s jitters wane
FXstreet.com (Athens)- Commodities, basically oil prices on both sides of Atlantic, as well as the price of spot gold and silver fell apart on Tuesday on easing worries about Syria’s issue.
Oil prices on both sides of the Atlantic fell by more than $2 a barrel on Tuesday as Syria accepted a Russian proposal to give up its chemical weapons, thus, easing concerns about the potential for U.S. military strikes against Syria. What’s more, Brent for October delivery fell $2.47 to settle at $111.25 per barrel, after sliding more than $3 to a session low of $110.59, its weakest level since the 26th of August. In addition to the above, U.S. crude fell $2.13 to settle at $107.39 per barrel, after reaching a session low of $106.39. It is noteworthy, that the contract has lost nearly $5 since reaching a 28-month high of $112.24 late last month. Finally, the Brent-WTI spread widened to $4.81 in early trade before closing at $3.86, its lowest level since the 19th of August.
Regarding the sport price of gold, it fell 1.5 percent on Tuesday as the precious metal's safe-haven appeal retreated after Syria accepted the Russian proposal to give up chemical weapons, in order to halt any potential US military strike. Elaborating on, gold dropped as much as 2.1 percent to a near three-week low of $1,357.34 an ounce earlier. Finally, as widely expected, silver tracked gold lower, falling to a three-week low of $22.76 an ounce. Investors should always have in mind that when gold is in a falling trend, silver tracks the gold behavior in a very intensified mode. Therefore, the gold falling, should not take aback
Oil prices on both sides of the Atlantic fell by more than $2 a barrel on Tuesday as Syria accepted a Russian proposal to give up its chemical weapons, thus, easing concerns about the potential for U.S. military strikes against Syria. What’s more, Brent for October delivery fell $2.47 to settle at $111.25 per barrel, after sliding more than $3 to a session low of $110.59, its weakest level since the 26th of August. In addition to the above, U.S. crude fell $2.13 to settle at $107.39 per barrel, after reaching a session low of $106.39. It is noteworthy, that the contract has lost nearly $5 since reaching a 28-month high of $112.24 late last month. Finally, the Brent-WTI spread widened to $4.81 in early trade before closing at $3.86, its lowest level since the 19th of August.
Regarding the sport price of gold, it fell 1.5 percent on Tuesday as the precious metal's safe-haven appeal retreated after Syria accepted the Russian proposal to give up chemical weapons, in order to halt any potential US military strike. Elaborating on, gold dropped as much as 2.1 percent to a near three-week low of $1,357.34 an ounce earlier. Finally, as widely expected, silver tracked gold lower, falling to a three-week low of $22.76 an ounce. Investors should always have in mind that when gold is in a falling trend, silver tracks the gold behavior in a very intensified mode. Therefore, the gold falling, should not take aback