Oil prices firmed toady after Monday's massive slump and volatile trading after concerns over a disruption from Libya eased and U.S. stockpiles at records. Brent Crude gainedg +2.35%, currently trading at USD60.94 a barrel. On January 13th Crude hit a low at USD45.19. West Texas Intermediate added +1.55% currently quoted at USD50.36, back above the USD50-threshold a barrel.

Markets look ahead to the API Crude Oil Inventories due at 21:30 GMT and the government report on Wednesday.

Although prices stabilized recently worldwide supply still exceeds demand in a period of low global economic growth limiting the impact of positive macroeconomic news. U.S. output, despite a lower rig count, and OPEC output remains high.

Gold booked gains in today's trading, recovering from early losses and is back above the USD1,200 threshold but still well below the 2-week high set on Monday. The precious metal was supported by a broadly weaker U.S. dollar today. Gold fell the most in five months in February with the prospect for higher U.S. rates who recently weighed on the precious metal, even though the start of an interest rate hike may be delayed. As the precious metal is dollar-denominated and not yield-bearing a strong U.S. dollar and higher interest rates limit the attractiveness of bullion. Physical demand from China and India supported the price of gold in the last week but is seen weakening.

The precious metal is currently quoted at USD1,207.50, +0,12% a troy ounce. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40.

BLOOMBERG

Draghi's QE Moves to Starting Line as Outlook Brightens

(Bloomberg) -- The euro-area economy has taken a step in the right direction.

While improving conditions over the past month won't change Mario Draghi's plan to start buying government bonds within days, continued economic recuperation may well stir a debate about when to end them. So far, officials have indicated the buying spree could be extended beyond its proposed timetable -- a less likely outcome if an easing in the region's price slump and a drop in unemployment mark the beginning of a trend.

Draghi will have an opportunity in two days to add to details of the 1.1 trillion-euro ($1.2 trillion) quantitative-easing plan, which was announced in January amid dissent from some policy makers. After a Governing Council meeting in Nicosia, he'll also unveil the ECB's first growth and inflation forecasts for 2017, numbers that will have significance for the duration of QE.

Source: http://www.bloomberg.com/news/articles/2015-03-03/draghi-s-qe-moves-to-starting-line-as-economic-outlook-brightens

REUTERS
Saudi king keeps close hand on oil in remodelling strategic team

(Reuters) - Saudi Arabia's subtle change of energy policymaker line-up since the accession of new King Salman in late January appears to give the monarch's inner circle a firmer hand on the kingdom's oil strategy than previous rulers have enjoyed.

The most notable change was the promotion of the king's son Prince Abdulaziz bin Salman, long a member of the No. 1 crude exporter's OPEC delegation, to the role of deputy oil minister from assistant oil minister, a post he had held for many years.

On the same day, King Salman formed a new body replacing the Supreme Petroleum Council and appointed another son, Prince Mohammed bin Salman, to head the new Supreme Council for Economic Development.

Source: http://www.reuters.com/article/2015/03/03/us-saudi-oil-policy-analysis-idUSKBN0LZ0MT20150303

REUTERS
Investor survey shows 38 percent chance of euro zone break-up in 12 months

(Reuters) - Investor expectations of the euro zone breaking apart have risen to their highest level in two years, a survey showed on Tuesday, even after Greece agreed a financial lifeline with its euro zone partners.

The sentix Euro Break-up Index (EBI) gave its highest reading since March 2013, with 38 percent of respondents expecting the bloc to break-up in the next 12 months, up from 24.3 percent in January.

The current poll was conducted between Feb. 26-28, 2015, and surveyed 980 mainly German-based individual and institutional investors.

Source: http://www.reuters.com/article/2015/03/03/us-euro-investment-survey-idUSKBN0LZ0HG20150303

(raw materials / closing price /% change)

Oil 49.59 -0.34%

Gold 1,205.90 -0.19%