Crude Oil Snaps 4-Day Losing Streak
Crude Oil snapped a 4-day losing streak,
rising ahead of tomorrow’s inventory data, supported by a Nigerian pipeline
attack. Gunmen killed 8-people and blew up an oil pipeline in Nigeria that also
caused a fire and large spill.
The November
Producer Price Index fell more than expected
(report)
and Housing Start rose unexpectedly (report).
Meanwhile, New York is being effected by the transit strike (full
story).
Treasuries closed lower after the unexpected rise in housing starts caused
traders to fret about further rate rises. However, the US Dollar was boosted by
the numbers and recorded its’ best gain in 5-months versus the Euro.
For a review of the Dollar in 2005 and a look ahead to 2006, read
Jes Black’s column from
earlier today.
Gold fell after the PPI number, nearing a 1-month low and closing below $500 an
ounce for the first time in 3-weeks.
PPI Down 0.7% For Nov.; Core PPI Up 0.1% (report).
New Housing Starts Up 5.3% To Rate Of 2.123 Mln. Units (report).
Ashton Dorkins
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