Oil is trading lower today after price skyrocketed yesterday as talks between western diplomats and officials from Iran are extended over the set deadline. If the talks will reach an agreement over Iran's atomic program could result in an end of the embargo which would add to the global supply glut.

Yesterday's data on U.S. Crude oil Inventories showed that inventories rose by 4.766 million barrels in the week ended March 27 - less than the build-up reported by the API a day earlier. U.S. output shrank for the first time since December. The number of active drilling rigs reach the lowest count since 4 years.

Brent Crude lost -0.75% currently trading at USD56.67 a barrel. On January 13th Crude set a low at USD45.19. West Texas Intermediate dropped -0.94% currently quoted at USD49.62.

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 slightly lower today after yesterday's strong gains on weaker-than-expected U.S. data that dampened concerns over a rate hike in June. Manufacturing activity in March slowed to the lowest level in 14 months and the private sector in the U.S. added 189,000 jobs in March, according the ADP report on Wednesday. It was the slowest pace since January 2014. Now the focus will be on Friday's nonfarm payrolls and today's Initial Jobless Claims. A weaker U.S. dollar also supported the price of gold.

Gold is currently quoted at USD1,202.90, -0,07% 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

BOE Gets New 'Unofficial Governor' as Mark Carney Appoints Aide

Mark Carney has just acquired a new set of eyes and ears at the Bank of England.

The governor appointed Iain de Weymarn as his private secretary, the aide in charge of his office at the central bank, a spokeswoman said by telephone. He replaced Alex Brazier, who left the job two weeks ago after his promotion to the Financial Policy Committee.

De Weymarn takes on a role described by a lawmaker last month as the organization's "unofficial governor," with a remit that offers insights into every corner of the 320-year-old institution. The post has often been a stepping stone to more senior positions within the central bank; prior holders include Deputy Governor Andrew Bailey and Paul Tucker, who lost out to Carney for the top job in 2012.

Source: http://www.bloomberg.com/news/articles/2015-04-02/boe-gets-new-unofficial-governor-as-mark-carney-appoints-aide

REUTERS
Oil retreats from large jump as focus returns to Iran talks

(Reuters) - Oil futures fell on Thursday, retreating from big gains in the previous session, as the prospect that any deal in nuclear talks with Tehran and a possible increase in its crude exports helped to keep pressure on prices.

Major powers and Iran have stretched talks on Tehran's nuclear program into a second day past an end-March deadline, with diplomats saying the chances for a preliminary deal were balanced between success and collapse.

Both Brent and U.S crude prices snapped three-session losing streaks on Wednesday, gaining $2 or more after data from the Energy Information Administration (EIA) showed a fall in rigs drilling for oil resulted in a drop in U.S. output last week for the first time since late-December.

Source: http://www.reuters.com/article/2015/04/02/us-markets-oil-idUSKBN0MT0AD20150402

BLOOMBERG

ECB Said to Raise ELA Limit for Greek Banks by 700 Million Euros

The European Central Bank approved an increase in the emergency funds available to Greek lenders that was smaller than the amount granted last week, two people familiar with the decision said.

At a meeting in Frankfurt on Wednesday, the Governing Council raised the cap on Emergency Liquidity Assistance provided by the Bank of Greece by 700 million euros ($754 million), the people said, asking not to be named because the decision is confidential. An ECB spokesman declined to comment.

As customers withdraw deposits on concern the Greek government is heading for a debt default and a banking crisis, the ECB is ensuring the country's lenders have sufficient liquidity to operate. At the same time, it's keeping them on a tight rein to prevent them from financing the state and so breaching European Union law.

Source: http://www.bloomberg.com/news/articles/2015-04-01/ecb-said-to-raise-ela-limit-for-greek-banks-by-700-million-euros

(raw materials / closing price /% change)

Oil 50.09 +5.23%

Gold 1,203.60 -0.38%