Forex and Futures - Crude Oil Slips
A CONTRIBUTOR | DECEMBER 2011 | SOURCE: Best Syndication
Silver and gold prices recovered after closing lower in Thursday’s session while the dollar continued to outpace other currencies, including the yen and the euro (see forex and futures charts below).
Capital markets are watching as European leaders march ahead with fiscal reforms early Friday in Brussels.
Energy Prices
Light sweet crude oil on the New York Mercantile Exchange (NYMEX) fell $2.15 (-2.14%) to $98.34 a barrel.
The Centre for Global Energy Studies forecasts a boom in profits for OPEC (the Organization of the Petroleum Exporting Countries). In 2011 OPEC is expected to earn $894 billion from oil exports. That is a 38 percent increase over 2010.
Brent crude oil lost $1.16 (-1.16%) to $109.53 a barrel. The difference between the two benchmarks expanded to $11.19.
Related article: OPEC heads for windfall on record oil price
Iran adds upward pressure to oil prices
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