{"id":9799,"date":"2010-05-28T09:25:53","date_gmt":"2010-05-28T13:25:53","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9799"},"modified":"2010-05-28T09:25:53","modified_gmt":"2010-05-28T13:25:53","slug":"despite-poor-gdp-spot-crude-oil-rises-gains-again","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/28\/despite-poor-gdp-spot-crude-oil-rises-gains-again\/","title":{"rendered":"Despite Poor GDP, Spot Crude Oil Rises Gains Again"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong> &#8211; Spot crude oil prices jumped to a two week high on Thursday following  a Chinese commitment to European investments, in particular European  debt instruments. This propelled traders into riskier investments such  as commodities while selling the dollar. Markets have shrugged off most  recent negative economic data as this was the case yesterday.<\/p>\n<p>The price of spot crude oil rose to  $75.39, following an opening price of $71.50. Spot crude oil trading has  risen 9% over the past 3 days.<\/p>\n<p>The rise in prices comes on the heels of a sharp $20 decline  following fresh worries over the solvency issues surrounding Greece,  Portugal, and Spain.<\/p>\n<p>Yesterday\u2019s gains in spot crude oil trading were driven by comments  from China\u2019s State Administration of Foreign Exchange (SAFE). The agency  denied reports that it is reducing its holdings of European debt.  Comments from SAFE also helped to support the euro as the EUR\/USD rose  to a high of 1.2393. The price of spot crude oil typically trades in a  negative correlation with the dollar. As the dollar weakens, spot crude  oil prices rise.<\/p>\n<p>Spot crude oil prices could continue to increase upon further signs  of economic improvement. Yesterday\u2019s downward revision of 1st quarter  U.S. GDP did little to halt spot crude oil bulls.<\/p>\n<p>Next week\u2019s U.S. Non Farm Payrolls report will provide further  insight as to where the economic recovery stands. Positive results will  likely mean spot crude oil prices rising to the $80 level.<\/p>\n<p><strong><em>Forex Market         Analysis<\/em> provided by\u00a0<a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex                                             Yard.<\/a><\/strong><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                             may not be suitable for all           investors.       There    is  a              possibility        that             you   could       sustain a  loss   of  all   of      your                 investment and            therefore  you          should   not       invest        money  that   you            cannot   afford to            lose. You         should    be      aware of       all       the     risks         associated     with     Foreign         Exchange         trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Russell Glaser &#8211; Spot crude oil prices jumped to a two week high on Thursday following a Chinese commitment to European investments, in particular European debt instruments. This propelled traders into riskier investments such as commodities while selling the dollar. Markets have shrugged off most recent negative economic data as this was the case &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/05\/28\/despite-poor-gdp-spot-crude-oil-rises-gains-again\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Despite Poor GDP, Spot Crude Oil Rises Gains Again&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-9799","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=9799"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9799\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}