Oil continued its fourth weekly gain on concern that the conflict in the Middle East will cause disruptions in the supply and after German Chancellor Angela Merkel said that Germany is ready to assist the Greek government in the fight against the economic crisis. She also said she wanted Greece to remain in the Eurozone.

Prices added, after Israeli Prime Minister Benjamin Netanyahu said that "the latest reports on Iran's nuclear program is further proof that he intended to create nuclear weapons. Just yesterday we received additional evidence that Iran is making rapid strides to develop nuclear weapons while ignoring the requirements of the international community. Iran has installed hundreds of new centrifuges at Fordow mountain in recent months, which could accelerate the production of nuclear fuel "

Traders are also concerned by the situation in respect of Tropical Storm Isaac, which may cause temporary disruptions in oil production. It is expected that he will show his strength on Sunday evening or Monday morning.

October futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $ 96.84 per barrel.

October futures price of North Sea Brent crude oil mix is ​​now $ 114.84 a barrel on the ICE Futures Europe Exchange.

Gold prices fell slightly on Friday, as the appetite for more risky assets fell, and investors began to invest their money in the strengthening of the dollar, after yesterday it peaked in the last four and a half months. But in spite of this the price of gold continues to hold near three-month high.

Gold futures rose more than 3% this week after the Fed minutes were given hope for another round of quantitative easing, but in the case, if the U.S. economy does not significantly improve.

Such a move is likely to have a positive effect on the value of gold, and will thus increase liquidity and keep long-term interest rates low.

Also today it was announced that the gold reserves ETFs, which issue securities backed by physical metal, reached a record 71.253 million ounces, and showed the greatest in the weekly inflow in absolute terms since February.

An important factor influencing the decline in demand for gold is the high price of gold in India, which is the largest consumer of the precious metal. International Convention on the gold in Hyderabad, dealers reported that import duties, which were raised earlier this year by 4%, can be further increased to 7%. Also, local dealers are reporting an increase of delivery of gold to India through informal channels.

The cost of the August gold futures on the COMEX is now 1667 dollars per ounce.

Change % Change Last

Oil 96.04 -0.23 -0.24%

Gold 1,673.10 +0.30 +0.02%