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Crude Oil prices retreated from US$80 bbl after the dollar rebounded from a new 14 month low. Light, sweet crude for November delivery pulled back after briefly topping US$80 bbl and settled 52 cents down to US$79.09 bbl on the New York Merc. As November contract expired on Tuesday, the more active December contract also fell 84 cents to settle at US$79.12 bbl. Crude Oil’s pull-back was not surprising to the market, as it had gained more than 10 dollars in an 8 day rally. But Tuesday’s decline was mainly because of the strengthening USD. Crude Oil fell by 1% as soon as the Dollar went into positive territory against the Euro. In London, Brent Crude for October delivery slipped 53 cents to settle at US$77.24 bbl on the ICE Futures exchange.

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Former Federal Reserve Chairman Alan Greenspan said yesterday in NYC that he is more worried about the increasing US debt than the weakening US$. In a speech to the Council on Foreign Relations in New York, Mr. Greenspan said he is “not overly concerned” about the most recent decline in the dollar, which has hit a 14-month low against the Euro and other major currencies. “Remember, the dollar surged when the crisis began as we still conceive dollar as safe heaven. We are now back to the levels just prior to the crisis,” he said. Also, Mr. Greenspan expressed concern about the long-term costs to the United States from the increasing national debt, which according to him is the “most worrisome aspect of the economic agenda in the United States.” Read more

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Crude Oil prices climbed Monday as US stocks rebounded and the US$ weakend further against the Euro. Light, sweet Crude Oil for November delivery bounced back above US$70 bbl after touching an intra-day low of US$68.05 bbl and ended at US$70.41bbl on the New York Merc, it closed + 46 cents higher than the previous close. Crude Oil got lifted as Wall Street rebounded from the first two-week decline since July, boosted by a report which showed service industries returned to growth after 11 months of contraction. The Dollar declined against the Euro as recovery outlook encouraged investors to buy riskier assets, supporting dollar-priced Crude Oil as it became cheaper for holders of other currencies. In London, Brent Crude Oil for November delivery fell 3 cents to settle at US$68.04 bbl on the ICE Futures exchange.

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Crude Oil rose about US$1 toward US$74bbl to settle at a 10 month high Friday as data in the United States promised economic recovery and a revival in energy demand. US Crude for October delivery settled up 98 cents at US$73.89bbl, the highest settle since October 20. London Brent crude for October settled up 86 cents at US$74.19bbl Crude Oil gained US$6.38 on the week, about 10%, from the US$67.51 settle on August 14. The US$ was down against the Euro, helping to support commodity prices, with investors showing some appetite for risk.

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For the first time since last March due to safe haven buying. Silver and platinum also rallied. Gold price for April delivery went up US$25.70oz or 2.6%, to settle at US$1,002.20 oz. hitting US$1,007.70 on the day. March Silver closed at US$14.49 oz +. 555 pennies. April platinum rose US$19.20 to 1,095.70 oz. Gold’s hedge appeal was strengthened as US stock market tanked.

The DJIA continued to decline sharply on Friday after closing Thursday at its lowest level since 2002. Markets in Germany, France, the U.K. and Japan also dropped, and investors flocked to precious metals as a safe haven amid tumbling stock markets. US$ vs. the Euro went down sharply on Friday after trading up for several trading days, erasing most of this week’s gains helping Gold to top US$1,000 oz.

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This is what happened last week…

Last Tuesday began what the world community views as a major event in US history, the inauguration of Barack H. Obama as its 44th President and its 1st Black American President.
Some of President Obama’s executive orders on his 1st day in office:

1. A freeze on salaries for White House staff earning $100,000 or more, about 100 people in all.

2. New Freedom of Information Act rules, making it harder to keep the workings of government secret.

3. Tighter ethics rules governing when administration officials can work on issues on which they previously lobbied governmental agencies, and banning them from lobbying the Obama administration after leaving government service.

The week in the markets, however, continued to be bathed in the glow of uncertainty within the financial sector and coupled with Qs about the timing of the economic recovery.
Couple that with headlines announcing that China’s Y 2008 Q 4 GDP contracted from 9% to 6.8%, the UK reporting a GDP decline of 1.5%, the largest since 1980, US housing starts fell to their lowest level on record, and initial jobless claims returned to Christmas levels, matching the 26 yr. high of 589,000 set in December 2008.
Though Microsoft disappointed, IBM and AAPL rang the bell with GOOG beating too, and coming in better than expected.
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