August 8, 2012
News Highlights:
The U.S. API Weekly Crude Stock fell to a seasonally adjusted annual rate of -5.35M, from -11.61M in the preceding month in turn indicating that demand for the fuel in US, world’s largest consumer of crude oil is strong.
Crude oil output from Organization of Petroleum Exporting Countries (OPEC) fell 270,000 barrels per day (bpd) in July to 31.45 million bpd from 31.72 mbpd in June, raising supply concerns in the near future.
The Federal Ministry of Economy and Technology said that German manufacturing orders declined more than expected by 1.7 percent month-on-month in June against expectations of a drop of 0.8 percent which in turn curbed gains in copper by dampening demand outlook for industrial metal.
The European Central Bank is expected to start unlimited buying of stricken member states' bonds to drive down their crippling borrowing costs and shore up its faltering economy which in turn improved demand prospects for copper and crude oil.
Gold Intraday Chart
Crude oil intraday chart
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