Brent Crude prices rose due to weaker dollar - ZENMoney

Brent Crude prices rose due to a weaker dollar on the back of weak US manufacturing data and after Nexen confirmed its North Sea Buzzard oilfield was shut. The brent prices were further supported by flooding across Europealong with supply worries after reports that Iran aimed next year to start a nuclear reactor. A record high US supplies and a weak global economic outlook has kept a lid on prices.

Gold Prices rebounded due to a weaker dollar on the back of a weak US data along with strengthening hopes that the Federal Reserve would stick to its bullion-friendly stimulus program. The short covering and strong physical demand with India importing a much higher-than-expected 162 tonnes of gold in May.

Silver Prices rebound on the back of strengthening Euro against US dollar after manufacturing sector data in the US and euro zone. The white metal was further supported as factories in the United States logged their worst month since June 2009 and rebound in the yellow metal prices.

In Base metal prices, Copper rose after the first decline in US factory output in six months drove investors toward commodities seen as better store of value for money. The copper prices were further supported with news that one of the mine located in Indonesia, may shut for longer than expected.

Source : Equity Bulls

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