Choppy Trading Day for Oil as Markets Focus Elsewhere August 10, 2008
Posted by malibusac in Currency News.Tags: currency, currency broker, currency change, currency chart, currency conversion, currency convert, currency day trade, currency dealing, currency e trading, currency exchange, currency foreign trading, currency forex trading, currency markets, currency rate
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“Today will be the financials that take center stage as oil is being used as a currency of last resort as fears swirl around the dollar and the stability of the US banking system. Oil surged to new all time highs on Friday on fears of Nigeria and fears about Iran and fears about Fannie and Freddie. There was a lot to be fearful of.” Meanwhile, ICE RBOB gasoline futures are down $1.12 to $355.20 and natural gas was up $0.111 to $12.015 mmbtu. Heating oil at the ICE is down $0.43 to $407.23. In the mining sector, CBOT gold is trading up $7.20 to $967.60 USD. In Canadian dollars, gold is down $0.01 to C$973.35. Silver contracts at the CBOT are meanwhile up $0.20 to $19.01. Bloomberg’s index for base metals is down 2.09 points to 253.23. Wheat futures at the CBOT are down $6.25 to $824.50.
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