The story goes on, oil goes up and there you see gold going up because gold is used as a hedge against inflation when oil prices rise. There are some investors who buy gold when energy (oil) expenses climb. This was again seen yesterday that crude oil closed at $61.72 a barrel, rising as much as 32 cents in the New York Mercantile Exchange. And this rise in oil obviously sends a signal of inflation fears and so gold also rose by $2.50, ending at $592.05 an ounce in Singapore. First of all OPEC's decision to cut oil supply to stabilize prices kept oil below $59 a barrel this week , after touching a peak of $78 in July, but yesterday attacks on three shell oil platforms in the Niger Delta in Nigeria forced production to be curtailed. But according to policymakers , OPEC's decision along with the Nigerian cut in output will still make oil volatile with the possibility of a sharp rebound following the recent falls. The Federal Reserveâs decision not to increase interest rate at 5.25 % did not have any effect on the rising gold because it was not a surprise at all. And the only statement which the Federal Reserve gave was that the inflation risks still remain , indicating that if not now there may be a possible increase in interest rate later on.
Dude, your second paragraph was good, it nearly sounded like breaking news. News is good, a lot of people run with that alone, but........ Are you trying to run a defacto bloomberg here, or what? not saying thats bad, just, there has to be a better option.
Private forecaster WSI Corp. predicted below average temperatures in the U.S. Northeast from November to January. Others have made similar forecasts, pointing to higher fuel demand after a mild season last year. U.S. weekly oil stocks data were published on Wednesday. Crude oil stocks, already well above seasonal norms, likely rose another 2.4 million barrels last week as refinery maintenance kept feedstock demand low, according to a preliminary Reuters poll of analysts. Distillate stocks, which include heating oil, were seen falling by 1 million barrels and gasoline by 500,000 barrels.