The price of oil dropped substantially, dropping to an eight-month low of $ 101-102 per barrel, as the outlook for global oil demand growth deteriorated.

We also recall that yesterday, the International Energy Agency (IEA) cut its forecast of world oil demand growth this year, which came after similar moves by the U.S. Energy Agency (EIA) and the Organization of the Petroleum Exporting Countries (OPEC).

According to IEA, the use of oil on world markets to grow by 795,000 barrels a day this year, that is 25,000 barrels a day less than expected last month.

We add that the IEA now expects almost the same amount of demand, and OPEC, which in a report on Wednesday lowered its growth forecast for consumption up to 800,000 barrels per day. Recall that the EIA on Tuesday lowered its estimate by 50,000 bpd to 960,000 bpd

However, note that the oil has found some support from data showing a decrease in the number of Americans who applied for unemployment benefits, which helped ease fears about the deteriorating conditions in the labor market after an unexpected weak job growth in March .

Markets were also watching developments in North Asia after a U.S. government agency said that North Korea has nuclear weapons, and can be installed on the rocket, which added even more ominous threat of war from Pyongyang.

May futures on U.S. light crude oil WTI (Light Sweet Crude Oil) dropped to 90.55 dollars per barrel.

Gold prices fell, while leaving to the lowest levels since the end of 2011 on signs that investors are in favor of the dollar and stocks, as the global economy recovers. In addition, the head of the European Central Bank, Mario Draghi, said today that Cyprus could sell its gold reserves to cover potential losses on emergency loans, but the decision will be taken by the central bank of the country.

At the same time, the head of exchange trade funds and strategies Stifel Nicolaus & Co Dave Lutz said, the possibility of the sale of gold by Cyprus will have a heavy impact on the market, and can create a bad precedent for other central banks willing to relieve pressure from austerity measures. Recall that the Cyprus Central Bank controls 13.9 tons of the metal, according to the World Gold Council. In addition, the Board noted that the central banks have increased gold reserves to 534.6 tons last year, which is the maximum in 1964.

Meanwhile, the data showed that the largest reserves of gold in exchange-traded fund SPDR Gold Trust level reached 1,181.4 tons yesterday, which is the minimum value over the past three years.

Also pressured gold continues to provide minutes of the March meeting of the Federal Reserve, released on April 10, which showed that some members were in favor of completing the program of monthly purchases of assets of $ 85 billion this year.

May futures for gold on COMEX today has fell, and now stands at 1497.40 dollars per ounce

Change % Change Last

GOLD 1,560.10 +1.30 +0.08%

OIL 93.47  -1.17 -1.24%