Hi guys! Are you ready to celebrate your holidays? Got your turkey already?
Start of the week, Oil prices slid below $40 a barrel on poor corporate reports and continuing signs that demand was further deteriorating. Despite a record production cut by OPEC last week, many analysts are skeptical on the oil cartel's compliance in the supply cut. Crude oil fell on speculation that OPEC would be unable to boost prices as the global recession curbs demand faster than the group can cut production. Crude oil for February delivery were down 0.6 percent to $39.66 a barrel.
Regarding our yellow metal, on Monday, Gold rose as the dollar declined and oil prices jumped, boosting the appeal of the precious metal as an alternative investment. Gold futures for February delivery added 0.9 percent to $844.90 an ounce on the New York Mercantile exchange's comex division.
Cheers!
Barbie
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