- US Crude Oil inventories increased by 1.3 million barrels
- Analysts expected an increase of 1.5 million barrels
- EIA expects that the Brent crude oil spot price, which averaged $112 per barrel in 2012, will fall to an average of $105 per barrel in 2013 and $99 per barrel in 2014. EIA forecasts non‐OPEC production to increase by 1.4 million bbl/d in 2013 and 1.3 million bbl/d in 2014
- Most technical indicators are signalling sell
US Crude Oil Chart
Brent Crude Chart
- Gold is in a downtrend.
- Demand expected to slow as global economy recovers.
- Most gold companies are trading lower.
- Japanese pension funds will double their gold holdings in the next two years. Most probably will increase demand once that the commodity has become cheaper.
- Technical indicators signalling strong sell.
- Support level 1597.
- Resistance level at 1780.
- Coffe prices increases as speculation that investment funds tracking commodity indexes will increase their holdings.
- In the last 4 months the price of coffe has fallen from $180 to $147 or around 0.19%.
- Technical indicators signal from mild to strong buy.
- Coffee is up today more than 100 points.