Futures Market News
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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