After a fairly wild ride, WTI crude oil futures for April delivery closed the week at $107.06/barrel, a drop of -0.3% from a week ago, but about 2% higher than where they started the day. Brent crude is trading up 2.62% today at $125.81/barrel, almost $2.50/barrel more than where it started.
The sharp jump today is mostly due to the falling dollar. The US dollar index is down -0.45% at 79.793, and the greenback is also weaker agains the euro, the British pound, and the Japanese yen. As the dollar falls, commodities prices increase because many commodities are priced in dollars.
Gold settled today at $1,655.80/ounce, down -0.2% on the day and down -3.3% for the week. The yellow metal lost ground this week very likely due to the generally good news on the US economic recovery. Today’s report on consumer sentiment tempered that enthusiasm somewhat, and at least one investment firm sees gold falling to $1,500/ounce.
Paul Ausick
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