Thursday , February 25 2021

Commodities (17.00) – US oil price gains

Vienna (APA) – Oil prices in the United States have tended to be firmer on Friday at the end of the European trading session over the previous day. At five in the afternoon, a barrel of 159 liters of West Texas Intermediate (WTI) oil cost $ 54.42, up 1.17 percent on Thursday. The future on a North Sea Brent barrel was trading at $ 61.66.

In the morning, WTI and Brent still recorded losses in the stock price, which Commerzbank analysts attributed to the profit. In January, WTI recorded a month-on-month increase of about 18%, the highest monthly increase since April 2016, according to experts. At Brent, the sum is 15%.

In the afternoon, largely agreeable US data emerged. The US economy created significantly more jobs than expected earlier in the year, but wages and salaries only increased slightly.

In addition, the mood in the US industry has surprisingly lit up. ISM Manufacturing PMI for January rose from 54.3 points in the previous month to 56.6 units. Economists were expecting a decline. The University of Michigan Consumer Confidence Index also fell less than expected in the market.

On Friday afternoon, London's gold price was $ 1,317.53, below the closing price of $ 1,321.04 on Thursday. However, the precious metal still has more than $ 1,300. "Once the Fed has signaled the end of its cycle of high interest rates and expectations of interest rate hikes have been fully priced by the market, gold will become more attractive as an investment alternative," wrote Commerzbank experts.

Courses of selected raw materials:

Crude Oil (USD / Barrel): Recent Change (%) Brent 61.66 60.84 +1.35 WTI 54.42 53.79 +1.17 OPEC-Daily 61.19 60.93 + 0.43 Precious Metals (Spot / USD): Gold 1,317.53 1,321.04 -0.27 Silver 15.97 16.04 -0.44 Platinum 828.03 821.00 +0.86 Agricultural products (USD): Robusta coffee 129.80 128, 85 +0.74 Cocoa 2,176.00 2,168.00 +0.37 Sugar 339.40 341.30 -0.56 Maize 177.25 177.75 -0.28 Soy 926.75 915.25 + 1, 26 Wheat 205.25 205.75 -0.24 ~

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