The price of oil rose today, breaking the level of $ 61 (Brent) and $ 49 (WTI), which is associated with the expectations of the publication of data on the number of drilling rigs operating in the US. It is worth emphasizing, since early February Brent has risen by almost 16% - is the maximum rise for May 2009, when she jumped in price by 29%. The cost of this month WTI rose by only 1.8%. We also add that the difference in cost between Brent and WTI in the last days is at a maximum in January 2014, including due to significant fuel reserves in the United States. "Increasing the price gap in part reflects the fact that oil production in the US continues to grow steadily, despite the much lower prices in recent years, said an expert on the commodity market Fawad Razagzada - This has helped push crude oil inventories to new all-time highs, which more or less confirms that the market is still saturated. " Recall, US Energy Information Administration on Wednesday reported the oil reserves in the country last week rose by 8.43 million barrels and amounted to 434.1 million barrels.

Traders await the report Baker Hughes Inc. by the number of drilling rigs operating in the US, which will be presented in the 18:00 GMT. Recall, for the last week, their number decreased by 3.5% - to 1.31 thousand. In annual terms, the number of installations has decreased by 26%, or 461 unit. Analysts predict that the rate will decrease again. However, some experts say that the reduction plants will not have an instant impact on oil production in the United States.

Rising oil prices also helps the weakening dollar against foreign currencies and data on consumer confidence in the United States. As shown by the final results of the studies submitted by Thomson-Reuters and the Institute of Michigan, in February, US consumers are more pessimistic about the economy than last month. According to published data, in February, the final index of consumer sentiment fell to 95.4 points compared with the final reading for January at around 98.1 points. It should be noted, according to the average estimates, the index was down to 94.2.

Meanwhile, a poll conducted by Reuters, showed that the price of oil is likely to have found the bottom and may start to grow in the second half of 2015, since the fall in 2014 caused a decline in production. In the short term the price can be reduced by concerns about oversupply. However, oil prices will recover, and Brent reached a high of $ 59 in 2015 and $ 71.80 in 2016. According to experts, the price will be supported by a slowdown of growth in production by OPEC. Problems in the Middle East and North Africa, especially in Iraq, may also have oil support.

March futures price for US light crude oil WTI (Light Sweet Crude Oil) rose to 49.02 dollars per barrel on the New York Mercantile Exchange.

April futures price for North Sea petroleum mix of Brent increased by $ 1.09 to $ 61.62 a barrel on the London Stock Exchange ICE Futures Europe.

Gold futures rose significantly, while approaching to yesterday's high, which was associated with the release of the revised US GDP data.

As it became known, the gross domestic product, the broadest measure of goods and services produced in the economy expanded by 2.2% year on year in the fourth quarter. It was less than the original estimate of 2.6%, which was reported last month. Economists had expected in the fourth quarter GDP will grow by 2.1%. Recent figures show that the breakthrough by 5% in the third quarter and 4.6% in the second quarter were unstable. For 2014 as a whole, GDP increased by 2.4%, slightly better than the average growth for 2010-2013 at 2.2%. For comparison, the economy grew by an average of 3.4% per year during the 1990s. The overall picture in the last quarter was mixed, while consumer spending rose at the fastest pace in four years, but business investment has slowed, and exports also slowed down government spending.

Also continues to provide support to prices statistics on China showed that the total volume of exports and imports of goods from Hong Kong to China in January rose by 2.8% and 7.9%, respectively. In December were observed an increase of 0.6% and 1.9% respectively. "The risk of reducing the price of gold is rather limited due to consumer interest in emerging markets such as China," - said an analyst at Jinrui Futures Chen Ming.

As for the situation in the physical market, the margins on the Shanghai Gold Exchange declined slightly from Wednesday, when the stock exchange resumed work, up to $ 4 per ounce to the price in London.

It is worth emphasizing the precious metal closes the week in positive territory after four weeks of the fall. However, the February gold finish with a maximum drop since September last year, amid expectations that the Fed will raise rates, and an agreement on Greece will reduce demand for safe-haven assets.

Recall expectations rise in interest rates had a negative impact on the dynamics of the price of gold, because it can not compete with earning assets at high rates.

April futures price of gold on the COMEX today rose to 1216.70 dollars per ounce.

Oil prices rose on Friday after yesterday's sharp decline on U.S. stockpile data with a focus on good Japanese data on Industrial output, although other economic data from the major consumer of oil was mixed. Today data on U.S. GDP will be in the focus. Markets remain volatile.

Brent Crude added +1.98%, currently trading at USD61.24 a barrel. On January 13th Crude hit a low at USD45.19. West Texas Intermediate gained +2.01% currently quoted at USD49.14, still below USD50 a barrel.

Although prices stabilized recently worldwide supply still exceeds demand in a period of low global economic growth limiting the impact of positive macroeconomic news.

Gold ended its rebound from 7-week lows in today's trading, now trading slightly above the USD1,200 threshold. After yesterday's mixed U.S. data lend some support now all eyes are on the U.S. GDP due at 13:30 GMT as well as the Chicago Purchasing Managers' Index and Pending Home Sales.

Markets remain cautious about the Greek debt deal bolstering demand for the haven asset. The IMF and the ECB warned that the reform plans are not detailed enough and Athens will have to take further steps to ensure further bailout releases.

A stronger U.S. dollar and the prospect for higher U.S. rates recently weighed on the precious metal as the precious metal is dollar-denominated and not yield-bearing.

The precious metal is currently quoted at USD1,206.00, -0,24% a troy ounce. Gold fell 2.3% last week, a fourth straight loss. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40.

BLOOMBERG

Saudis' Oil Price War Is Paying Off

(Bloomberg) -- Three months after Saudi Arabia made clear it was going to let oil prices keep tumbling, the strategy is showing signs of working.

U.S. drillers are idling rigs at a record pace, gutting investment plans and laying off thousands of workers.

Those steps highlight how the Saudi-led OPEC decision on Nov. 27 to maintain output levels and protect its market share is having the desired effect -- pushing prices down so far that they threaten to curb output in the U.S. and other non-OPEC countries. Saudi Arabia, the most powerful member of the Organization of Petroleum Exporting Countries, will maintain that tack when the group next meets in June, according to some of the world's biggest banks.

Source: http://www.bloomberg.com/news/articles/2015-02-27/saudis-bold-gambit-paying-off-just-three-months-later-energy

REUTERS

FOREX-Dollar on track for eighth month of gains on US data, Fed outlook

LONDON, Feb 27 (Reuters) - The dollar index slipped on Friday, pegged back by month-end selling, but was still on track for its eighth straight month of gains on better data and comments from Federal Reserve officials that bolstered bets for a rate rise this year.

The index, which measures the dollar's performance against major currencies, was set to mark its longest streak of monthly gains since the greenback was floated as a fiat currency in 1971.

On the day however, the index was off 0.2 percent at 95.124, having hit a one-month high of 95.357 on Thursday. The index had rallied 1.1 percent on Thursday, bringing it close to the more than 11-year high of 95.481 struck on Jan. 23.

Data released on Thursday showed U.S. core consumer price index, which excludes food and energy costs, rose 0.2 percent in January, more than the 0.1 percent increase economists had expected.

Source: http://www.reuters.com/article/2015/02/27/markets-forex-idUSL5N0W11OD20150227

REUTERS
Apple faces second suit from victorious patent firm

(Reuters) - Fresh off a $532.9 million jury win against Apple Inc, a Texas company is again suing the tech giant, this time over the same patents' use in devices introduced after the original case was underway.

Smartflash LLC aims to make Apple pay for using the patent licensing firm's technology without permission in devices not be included in the previous case, such as the iPhone 6 and 6 Plus and the iPad Air 2. The trial covered older Apple devices.

On Tuesday, a jury in federal court in Tyler, Texas found that Apple willfully violated three Smartflash patents with devices that use its iTunes software. The patents relate to accessing and storing downloaded songs, videos and games.

Source: http://www.reuters.com/article/2015/02/27/us-ip-apple-lawsuit-idUSKBN0LU27X20150227

(raw materials / closing price /% change)

Oil 48.17 -5.53%

Gold 1,210.100. 00%