Oil, gold prices turn back as Iraq worries recede


A week of surging prices for oil and gold are reversing, as worries about instability in Iraq that have dominated the market in recent days recede a bit.

At last check, July WTI crude was down 0.4% to $106.44/bbl on the New York Merc, and the global Brent contract was down 0.2% to $112.69 after briefly topping $114/bbl last week, as the market has "run out of buying momentum" with no interruption in the flow of oil from Iraq or any sign that the fighting is spreading to the southern oil region.

August gold is down 0.6% to $1,267.90/oz.; with market participants apparently not rating the geopolitical risks quite as highly as before, gold is in less demand as a safe haven, and Commerzbank notes yesterday's outflows in gold ETFs tracked by Bloomberg totaled 3.8 tons, their highest daily outflow in nearly two weeks.

ETFs: USO, AGQ, OIL, USLV, UCO, ZSL, UGL, SCO, DGP, GLL, UGLD, DZZ, DTO, BNO, DBO, SLVO, GLDI, DSLV, DGL, DBS, CRUD, DGZ, DGLD, USL, UWTI, DWTI, TBAR, DNO, USV, UBG, SZO, GYEN, GLDE, OLO, GEUR, GLDS, GLDL, GGBP, OLEM, TWTI

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Comments (6)
  • Houdini10
    , contributor
    Comments (73) | Send Message
     
    Wasn't the largest oil refinery outside of Baghdad shut down today? Do these markets ever live in reality???

     

    http://bit.ly/1jwbTFd
    17 Jun 2014, 10:37 AM Reply Like
  • blah64
    , contributor
    Comments (61) | Send Message
     
    lol... agree.... they live in the matrix.
    17 Jun 2014, 11:04 AM Reply Like
  • Interesting Times
    , contributor
    Comments (14914) | Send Message
     
    Recede ?? I have to look that definition up again.. I thought it meant everything is getting better ??
    17 Jun 2014, 12:18 PM Reply Like
  • jobehro
    , contributor
    Comments (744) | Send Message
     
    A day traders dream? "Timing is everything!".
    17 Jun 2014, 12:22 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (11050) | Send Message
     
    The gold story is hibernating.

     

    Gold will shine again some day...but not anytime soon.
    17 Jun 2014, 01:15 PM Reply Like
  • Interesting Times
    , contributor
    Comments (14914) | Send Message
     
    DVL

     

    I can wait. Although when that day does happen it won't be a pretty day >>

     

    Insurance !!
    17 Jun 2014, 01:22 PM Reply Like
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