Crude oil price surges to 74.47 in European morning as USD continues to decline against major currencies except for British pound. Moreover, advance in stock markets in Asia also helps boosts demand for oil as well as other risky assets. Leading the rally in the Nymex energy complex is heating oil which adds +1.9% to 1.926. The benchmark contract has soared for 4 straight days and accumulated more than +8% gains. RBOB gasoline rises for the second day to 1.828.
As the driving season is over and the heating season approaching, investors have shifted their focus to heating oil from gasoline. Gold price strengthens and rises to a new record high of 1069.7 amid dollar's weakness. Others in the precious complex such as silver and platinum also rally with silver gaining +1% to 18 and platinum jumping +1.5% to 1370, the highest level....read the entire article.
