The cost of oil has increased, rising at the same time to the highest level in a week, after OPEC increased its forecast for oil demand this year. Meanwhile, the price of oil affect the application of G-7, which promised to avoid devaluation.

Futures rose 0.8%, after so OPEC said that demand for oil cartel in 2013 will be 29.8 million barrels a day, which is 0.3% higher than the initial estimate, which was released in January. OPEC also said that in January, the OPEC mined 30.32 million barrels of oil a day, which is the lowest level since October 2011. In addition, OPEC still expects growth in global oil demand in 2013 to 800 000 barrels per day. We also add that OPEC expects oil production growth in non-OPEC, at 940,000 barrels a day in 2013

Meanwhile, we note that many of the participants are now awaiting data on oil reserves, which will be presented tomorrow by the Ministry of Energy. Note that according to the average forecast of analysts, oil stocks rose last week by 2.3 million barrels. We also add that today his report on the volume of crude oil present American Institute, which could affect the price of oil.

March futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) rose $ 0.32, and now stands at 97.35 per barrel on the New York Mercantile Exchange.

March futures price for North Sea petroleum mix of mark Brent fell $ 0.17, and is now $ 118.01 a barrel on the London Stock Exchange ICE Futures Europe.

Gold prices rose today, while recovering from a minimum value for the month, which was due to the depreciation of the U.S. currency, as the Group of Seven industrialized countries (G-7) reaffirmed the commitment of market exchange rates.

However, the gold market is still struggling to move feeds into positive territory as investors focused on a brighter global economic picture. In addition, gold is also not played a role safe-haven after North Korea confirmed that it had conducted an underground nuclear test.

Note also that the dollar index, which rose in early trade to one-month high against a basket of currencies, fell after the G7 countries said that fiscal and monetary policy should be directed to the devaluation of currencies.

Economists say that a combination of elements, including the weakness of the dollar after the statement of G7, just helped to recover precious metals from one-month lows.

Meanwhile, we note that from a technical point of view, the pressure on the price of gold began in the previous session after the price broke through some key support levels and fell below $ 1,650, indicating that the fall may continue.

Analysts also say that many investors still expect lower gold price in the short term, while the volumes remain thin, as most Asian markets are not working this week in connection with the celebration of the Lunar New Year.

February futures price of gold on COMEX today rose to 1649.50 dollars per ounce.

Change % Change Last

Oil $96.98 -0.05 -0.05%

Gold $1,651.60 +2.50 +0.15%