Price Of Oil Up
March 28, 2014 9:00 amVideo
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March 28, 2014 – Commodities News
Hot Asset For Today: Oil
Yesterday, after breaking through the $1,300 support line, Gold reached a low of $1,288 – a new one month low. Investors thought that a move below the support line will generate increased demand. However, the dollar held strong providing additional confirmation towards the continuity of the Fed’s tapering policy. According to analysts, from a technical analysis perspective, the asset will continue to move downwards. However, taking into account the low price, physical demand will play an important role in determining the price direction.
Oil has continued to climb to a three week high, trading above $101.5 a barrel. The upwards movement in caused by two main factors. First, the geopolitical tension in the Ukraine, earlier this week Obama’s speech on the potential sanctions included a direct reference to Russia’s energy sector. Secondly, the combination of the declining stockpiles in Cushing, Oklahoma driven by the opening of the TransCanada pipeline to the Texas Gulf coast earlier this January and the steep increase in Gasoline demand (+5.8%) reaching a three month high.
Wheat prices have been moving up consistently for four weeks. The upwards movement was driven by concerns of a dry session that may hurt crops in the U.S., the largest exporter. However, meteorological reports of expected showers in the next 11-15 days have eased price increase.
By Andrew Cole
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