This Contract Has Gained Almost 15% This Month
Crude
oil continued to climb out of its pullback amid
ongoing tension in Venezuela. Crude prices have rose almost 15% since the Dec. 2
walkout by 40,000 petroleum workers. OPEC has also announced that they will not
boost output for at least two more weeks. This could put more upward pressure on
crude as it could take six to eight weeks for US producers to benefit. In
addition, oil ended higher due to threats of war between the U.S. and Iraq.
March crude
(
CLH3 |
Quote |
Chart |
News |
PowerRating) closed up $1.22 at
$30.85.
Gold finished the day higher after its
one-day pullback on Friday. Gold’s performance has been boosted by the low
interest rate environment, the weak U.S. dollar, and talks of war.
February gold
(
GCG3 |
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Chart |
News |
PowerRating) ended the day up
$4.60 at $345.60.
The revised University of Michigan
Consumer sentiment index was revised down, but still came in slightly better
than expected at 86.7%. This was the highest reading in four months.
Stock indices finished higher as the
March S&P
(
SPH3 |
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Chart |
News |
PowerRating) hovered near breakeven,
dragged down by retail issues, the S&P gained 1.10 to 897.80. Meanwhile the
March Nasdaq
(
NDH3 |
Quote |
Chart |
News |
PowerRating) gain 1% due to strong performances from networking,
semiconductor, and chip stocks. It was up 12.50 to 1036.00.