Start of the week, Crude oil was high. Crude rose as the continued conflict in Israel fuels concern about a disruption to supplies. While the area is not a major oil producer, there are fears that the conflict could result in oil rich Middle East countries withholding exports. A report on Monday showed a smaller than expected drop in construction spending. President elect Barack Obama’s proposed stimulus package also boosted demand for oil in the US.
US crude for February rose $2.47 to settle at $48.81 a barrel on the New York Mercantile Exchange.
On Monday, Gold did not see a good start as dollar strengthened. Bullion, which typically moves in the opposite direction to the U.S. currency declined as dollar gained when U.S. President-elect Barack Obama crafted a package of infrastructure spending and tax cuts to create 3 million jobs.
Gold futures for February delivery closed at $857.80 down by $21.70 an ounce Comex Division of the New York Mercantile Exchange.
Cheers!
Barbie, hot and smart
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