Crude oil has continued to track the dollar in recent days, with both WTI and Brent coming under pressure yesterday, and again this morning. Much worse than expected US durable goods figures yesterday (-2.1% vs. expectations of +0.3%) and a bearish suite of DOE inventory numbers added to the downwards pressure, with WTI closing the day at $97.40, while Brent finished at $117.43.
After continued support from safe-haven buying on concerns over the US fiscal situation, precious metals were dealt a blow by a resurgent dollar in the early part of the New York session. This was mostly owing to euro weakness after comments by Germany’s Finance Minister, Wolfgang Schaeuble, that his country was opposed to a "blank cheque" for the European Financial Stability Fund to buy bonds on the secondary market. He also added that last week’s summit would not be sufficient to ssolve the Eurozone’s debt crisis.
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