Oil is trading lower to steady, WTI declines for a fourth day as talks between western diplomats and officials from Iran are extended over today's deadline. If the talks will reach an agreement over Iran's atomic program could result in an end of the embargo and international sanctions which would add to the global supply glut.

Today market participants will also closely watch data on Crude Oil Inventories. Yesterday API reported that U.S. crude inventories rose by 5.2 million barrels in the week ended March 27.

Brent Crude added +0.29% currently trading at USD55.27 a barrel. On January 13th Crude set a low at USD45.19. West Texas Intermediate declined -0.50% currently quoted at USD47.36 a barrel.

Oil prices declined sharply in recent months as worldwide supply exceeds demand in a period of low global economic growth, pushing stockpiles to record highs and weighing on prices.

Gold is trading lower today for a fourth consecutive day - ending last month in negative territory. Gold prices were pushed lower by a stronger U.S. dollar as the precious metal which is dollar-denominated becomes more expensive for holders of other currencies. Today market participants will closely watch U.S. data on Employment - the ADP Employment Report - and the ISM Manufacturing report to get further indications on the strength of the world's largest economy and on the timing of a future rate hike by the Federal Reserve.

Gold is currently quoted at USD1,181.80, -0,14% a troy ounce. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40. On Tuesday the 17^th of march gold traded as low as USD1,142.50, a three-month low.

BLOOMBERG

Buffett Says Greek Exit From Euro 'May Not Be a Bad Thing'

(Bloomberg) -- Billionaire investor Warren Buffett said the euro region could withstand Greece's departure from the currency union.

"If it turns out the Greeks leave, that may not be a bad thing for the euro," Buffett told CNBC in an interview Tuesday. "If everybody learns that the rules mean something and if they come to general agreement about fiscal policy among members, or something of the sort, that they mean business, that could be a good thing."

Europe's most-indebted state is locked in negotiations with euro-area countries and the International Monetary Fund over the terms of its 240 billion-euro ($260 billion) rescue. The standoff, which has left Greece dependent upon European Central Bank loans, risks leading to a default within weeks and its potential exit from the euro area.

Source: http://www.bloomberg.com/news/articles/2015-03-31/buffett-says-greece-exit-from-euro-zone-may-not-be-a-bad-thing-

REUTERS

Weak demand hits China factory, services firms in March, more easing seen

(Reuters) - Surveys of China's factory and services sectors showed stubborn weakness in the world's second-biggest economy in March, adding to bets that Beijing will have to roll out more policy support to avert a sharper slowdown.

Three separate surveys showed Chinese companies shed jobs last month as they struggled with soft demand and deflationary pressures, suggesting that economic growth may have slipped below 7 percent in the first quarter of 2015, which would be the weakest in six years.

"We expect first-quarter growth to drop to 6.8 percent and the government might start easing policies significantly in the second quarter," said Zhang Zhiwei, an economist at Deutsche Bank in Hong Kong, adding that the central bank may relax banks' reserve requirement ratio (RRR) as early as this week or next.

Source: http://www.reuters.com/article/2015/04/01/us-china-economy-pmi-official-idUSKBN0MS31320150401

BLOOMBERG

Reckoning Arrives for Cash-Strapped Oil Firms Amid Bank Squeeze

(Bloomberg) -- Lenders are preparing to cut the credit lines to a group of junk-rated shale oil companies by as much as 30 percent in the coming days, dealing another blow as they struggle with a slump in crude prices, according to people familiar with the matter.

Sabine Oil & Gas Corp. became one of the first companies to warn investors that it faces a cash shortage from a reduced credit line, saying Tuesday that it raises "substantial doubt" about the company's ability to continue as a going concern. About 10 firms are having trouble finding backup financing, said the people familiar with the matter, who asked not to be named because the information hasn't been announced.

April is a crucial month for the industry because it's when lenders are due to recalculate the value of properties that energy companies staked as loan collateral. With those assets in decline along with oil prices, banks are preparing to cut the amount they're willing to lend. And that will only squeeze companies' ability to produce more oil.

Source: http://www.bloomberg.com/news/articles/2015-04-01/reckoning-arrives-for-cash-strapped-oil-firms-amid-bank-squeeze

(raw materials / closing price /% change)

Oil 47.60 -2.22%

Gold 1,183.10 0.00%