Commodities Report

Tue, 08 Jul 2008 09:22



OIL

Oil rebounded to $142 a barrel this morning, after it fell nearly $6 during trade yesterday, before settling almost $4 lower. Crude has fallen by nearly 3% amid signals that Iran would be more flexible in negotiations over its nuclear programme. Worries over Iran’s uranium enrichment programme have driven oil-prices to an all-time high, hitting $146 on Friday.

GOLD

The drop in oil has seen other Commodities follow suit, but gold has remained steady this morning after falling to a one-week low yesterday. Bullion was trading around $927 this morning after it fell as low as $914 yesterday that was its lowest level since June 27th. Traders say they're now watching movements in the greenback for direction.