via nytimes.com
Friday, January 6, 2012
Gold Climbs; Crude Heads for Weekly Gain: Commodities at Close - Businessweek
Jan. 6 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities rose 0.5 percent to 664.36 as of 6:27 p.m. in Singapore. The UBS Bloomberg CMCI index of 26 raw materials climbed 0.5 percent to 1,547.041
CRUDE OIL
Oil headed for a weekly gain in New York on signs that the U.S. economic recovery is gaining momentum and concern that tensions with Iran may lead to a disruption in Middle East exports.
Crude for February delivery was at $102.18 at 8:36 a.m. London time. Yesterday, the contract fell $1.41 to $101.81, the lowest settlement this week. Prices gained 8.2 percent in 2011.
Brent oil for February settlement on the London-based ICE Futures Europe exchange rose 0.5 percent, to $111.31 a barrel. The European benchmark contract was at a $11.06 premium to New York-traded West Texas Intermediate crude. The spread was a record $27.88 on Oct. 14. Crude markets: NI CRMKTS <GO>
via businessweek.com
Iran plans new military maneuver... JPost - Iranian Threat - News
State-run Press TV quotes army commander saying Iran's Revolutionary Guards Corps will run a military exercise "different" than recent naval drill; tensions persist over strategic oil shipping lane.
TEHRAN - Iran's Revolutionary Guards Corps (IRGC) will hold new naval exercises in the Strait of Hormuz in February, state-run Press TV quoted a military commander as saying on Friday.The Guards' Navy Commander Rear Admiral Ali Fadavi said the drill would be "different compared to previous exercises held by the IRGC," Press TV reported but gave no further details. The last drill in the vital oil shipping lane ended on Monday.
via jpost.com
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