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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Middle East conflict, euro debt scourge to push gold, oil higher, fund manager says

Apr 05, 2012 03:16 PM

Political and civil tumult in the Middle East and the unconquerable wrath inflicted by the sovereign debt crisis will benefit the performances of two key commodities during the next 12-month period, a London-based fund manager told Reuters.

Gold futures will set record highs and push beyond the pivotal, psychological mark of $2,000 per troy ounce and crude oil futures will skyrocket as high as $150 per barrel, the chief executive of Sector Investment Managers told the news service. Angelos Damaskos specifically pointed to western nations' nuclear standoff with Iran and attempts to oust Bashar al-Assad from power in Syria.

"We think the range of Brent prices in the next 12 months will be somewhere between $110 and $150 a barrel again, depending on this Middle East situation," he told Reuters.

At 11:53 a.m. on Thursday, gold futures climbed 0.9 percent, a $14.50 lift to $1,628.60 per troy ounce. At 11:54 a.m., crude oil futures advanced 0.4 percent, a 49-cent gain to $122.83 per barrel.

Former U.N. Secretary General Kofi Annan is scheduled to conduct discussions with senior Iranian officials in Tehran regarding Syria next Wednesday, according to the Times of India. He now serves as an envoy with the U.N.-Arab League, his spokesman told reporters in Geneva.

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