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