Oil and metal stocks open higherPublished: 17 August, 2010 08:05
Brent and crude oil prices climbed to $75.6 early Tuesday morning, while both gold (+0.73% to $1225.50) and silver (+0.38 to 18.49) also traded higher.
Commodity stocks on FTSE 100 rises
Scottish oil company, Cairn Energy (LON:CNE), rose 5.32 % to £493.20 after announcingsale of their stake in London Stock Exchange-listed Vedanta Resources Plc.
Other commodity stocks rising early Tuesday morning include African Barrick Gold (LON:ABG), mining companies Xstrata (LON:XTA) and Kazakhmys (LON:KAZ).
Keep an eye on economic data from US housing today, which can impact commodity prices.
Oil prices in uncertain waters?
Many investors now believe WTI and brent oil prices are in uncertain waters. Reason being the major economies in Europe, along with US, are not doing as well as expected.
Oil price increases now rely on growth markets such as China, Saudi Arabia and Brazil.