All About Commodity

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Technical Rebound Gold Show Potential to $ 1742

 

Monday, February 6, 2012

 

Gold spot price of potentially having a technical rebound toward the area at least $ 1742 per troy ounce, as indicated by the pattern analysis Elliot Wave and Fibonacci correction.

 

Technical rebound is likely triggered by the formation of 5 waves down from the area from $ 1762.90 to $ 1720.90 on the graph area, other than that there are analysts that shows Fibonacci correction target level of 50% Fibonacci retracement is located in the area of ​​$ 1742.

 

Yet after a rebound, gold is still vulnerable to fall again towards the $ 1700 area while awaiting the development of the eurozone debt crisis, especially if Greece facing a deadline of March 20, but have not received a rescue package of the second phase of the European Union.

 

Another risk is to focus on the European banking sector affected by the debt crisis still could shrink the global economic optimism after a U.S. jobs report is positive.

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Copper Weakens, The impact of RBA Interest Rate and Debt Crisis Greece

 

Tuesday, February 7, 2012

 

Copper price movements for trading today (7/2) observed weakened. Metal commodity raw materials industry back down to follow negative price movement of crude oil. In addition, poor fundamental conditions that developed in the last two days signaled it is not good for metal commodities.

 

In addition, other negative sentiment coming from the back of its permanent level of interest rates the Central Bank of Australia (RBA) in the 4.25% level. The decision was to beat its previous forecast that predicts that interest rates are expected to decline by 25 basis points.

 

Copper futures declined by 0.49% to 3.84 dollars per pound with the support level of 3.8 dollars per pound and resistant level of 3.87 dollars per pound.

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Gold Resistant Test Key $ 1750

 

Wednesday, February 8, 2012

 

The spot price of gold declined after testing the level of resistant locks $ 1750 per troy ounce on Wednesday, but failed to penetrate consistently above that area because investors are still waiting for the agreement Greece to receive the program budget savings and reforms in exchange for getting financial assistance worth 130 billion Euro .

 

Gold still has the potential to offset the lower price if Greece managed to reach an agreement, because it would reduce the safe-haven appeal of gold and the dollar, although in the long run the euro zone debt crisis is still supporting the overall sentiment in gold.

 

Other positive catalysts in the long term gold is the central bank in the world still run an accommodative monetary policy to the economy.

 

Technical analysis indicates the potential for a Gold fell again to the area of ​​$ 1730. The weakening of the gold prior to the area of ​​$ 1710 has fueled the purchase of physical gold in Asia, but those buying has shrunk after the price of $ 1,750 touch-level resistance.

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China's inflation data release is surprising, Gold Back Stable

 

Thursday, February 9, 2012

 

Gold is stable above 1730 dollars per ounce, after being down about 1 percent in the previous session as China's inflation data are quite surprising and investors are still focusing on the Greek decision.

 

Gold was under pressure as the euro weakened after Greek political leaders failed to make a decision today, but China's inflation data is higher than the estimated saving in gold prices.

 

Spot gold declined slightly in the range of 1733.59 dollars per ounce. While the U.S. gold gained 0.3 percent to 1736.40 per ounce.

 

China's annual inflation rose 4.5 percent in January, well above previous estimates of market participants and end later than the consumption level for five months as the high level of new purchases in China last year.

 

Inflation data provide hope for China's central bank, but economists expect inflation to weaken in February was well below the target of monetary and fiscal policies the Chinese government.

 

Greece is still hesitant in making decisions likely to be a supporter of the gold to defend his title as a safe haven.

 

Today investors are waiting for the state policy of the European Union to assist Greece in the monthly policy meeting where interest rates expected to be maintained in the range as before until the end of this month.

 

Gold-silver ratio dropped to around 51, ​​its lowest level for more than three months. Spot silver was in the range of 33.97 U.S. dollars.

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AIG Gold Under $ 1720 after the European Finance Minister Decision

 

Friday, February 10, 2012

 

Gold slipped below $ 1,720 on Friday weighed down by weak euro currency due to the anxiety of investors against the Greek bailout deal back sticking, thus triggering the cut loss on gold futures contracts.

 

Investor fears were related to the European debt crisis seems to have too much influence on the movement

 

On a weekly basis, gold is still poor performance has so far tracked down -0.4% over the previous week, as well as a decline in 2 consecutive weeks. Technical analysis suggests that the gold can be slipped into the area of ​​$ 1698 per troy ounce during this Friday.

 

In terms of supply demand, South Africa's annual gold production was reported down 8.2% YoY in December 2011. South Africa is still the world's third largest gold producer.

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Dollar Push Gold Demand

 

Monday, February 13, 2012

 

Gold rose for the first time in four days in London after a weaker dollar encourages demand for the precious metal as an alternative investment.

 

The euro strengthened against the dollar after the Prime Minister of Greece Lucas Papademos get approval from parliament for a variety of austerity measures needed to get a second aid package. Hedge funds and other financial managers increased confidence that the U.S. futures contract will increase by 8.6 percent in the week ending February 7, beradasarkan data dai Commodity Futures Trading Commission show.

 

Gold futures rose 0.4 percent observed in March and could hit $ 1,728.78 an ounce in London, and until the news was revealed gold in the level of 1728.30. Prices fell 0.2 percent last week. April gold futures contract rose 0.3 percent, at $ 1,730.80 on the Comex in New York.

 

The metal to get an increase for 11 consecutive years in 2011 as investors diversify from equities and multiple currencies. Gold reached a record $ 1,921.15 in September, and ownership of bullion products that are traded on the stock 0.2 percent below its all-time rise in December.

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Iran threat Supply Rises, Oil Strong

 

Tuesday, February 14, 2012

 

Oil has traded close to a rise in the last two weeks in New York after the prospect of rising tensions between the West and Iran are also western disturbances sparked speculation that the oil in the Persian Gulf.

 

Oil futures reached the highest increase since January 31, wiped out earlier gains. Standard & Poor's said today in its report that Iran respond to sanctions by reducing the possibility of shipping through the Strait of Hormuz as the inhibition of traffic at the time inspekasi tanker and cargo ship the goods.

 

March crude oil futures contract on the New York Mercantile Exchange rose 27 cents to as low as $ 101.18 per barrel and had to be at the level of $ 100.95 at 9:05 am London time. Previous contract fell by 0.5 percent to as low as $ 100.37.

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Gold Tried Be Optimistic

 

Wednesday, February 15, 2012

 

Gold rose in London session, although seen as moves ranging outbreak of lack of clarity in the ability of Greece to secure the disbursement of bailout funds. Euro-zone finance ministers will do teleconference tonight to discuss the situation in the reluctance of the Greek political party leaders in Athens to give a written commitment for the implementation of economic reforms.

 

Meanwhile, the well-known hedge fund manager John Paulson cut his ETF gold holdings as much as $ 600 million in the fourth quarter of 2011. However, the sell Paulson could still offset by the purchase of gold by other hedge funds; is certainly hinted at the long-term optimism for gold.

 

"In the long term, the euro-zone debt crisis will still sustain the performance of gold," said Hou Xinqiang, an analyst interviewed by Reuters. "However, for the short term, gold is in a consolidation phase where the area near the $ 1700 will provide opportunities to buy."

[mynameisandhy]

The uncertainty of the EU stumble, Gold Down

 

Thursday, February 16, 2012

 

Gold fell back this afternoon to follow due to the weak euro would hope that vanished after the Greek European Union to delay granting bail to the country.

 

Gold had rallied 1 percent today encouraged by the hope there will be a solution to the crisis Greece but market sentiment sank soon after the EU said they mendunda bailout in the not specified.

 

Spot gold fell 0.4 percent to 1721.40 dollars per ounce after rising 0.5 percent. American Gold fell 0.3 percent to 1723.60 dollars per ouncer. Investor eyes are still fixed on the Greek struggle to get state bailouts and rescue them from bankruptcy.

 

The price of gold was in the range 1700 dollars to 1730 dollars per ounce sepannjang this week and could not penetrate that level because of the uncertainty of the situation disturbing the market tastes. Investors are waiting for a meeting of EU leaders are scheduled to be held on February 20 that will come to discuss the bailout for Greece and said Greece had to answer some questions from the European Union.

 

Spot silver, fell 0.2 percent to 33.30 dollars per ounce. Throughout the year, silver prices rose 20 percent. In previous sessions of silver dropped to the low point for one week.

 

Of hope around the world central banks to ease policy will probably push the price of gold go up, but the uncertainty in the euro zone will continue to push the price of other metals that are used for industrial applications such as silver, platinum and palladium. And rising tensions between Iran and the west could potentially support the gold still holds a safe haven.

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Gold Return Driven Uphill Greek Optimism

 

Friday, February 17, 2012

 

Financeroll - Gold prices rose yesterday as rising optimism Greece will get bailout funds to help stage the gold they could reach the weakest point of the week in the previous session.

 

Gold was in the range 1.700-1.7600 dollars per ounce since the beginning of the month, following the Greeks who tried to get a loan amounting to 130 billion euros from its international creditors.

 

Meanwhile, oil nutrient delivery also rose due to supply disruption from Iran. It is also a trigger of rising gold prices.

 

Spot gold rose 0.2 percent to 1731.90 dollars per ounce and that leads weekly gain of 0.7 percent after declining for two consecutive weeks. In previous sessions of gold had touched its lowest point since February 10 in the range of 1705.09 dollars per ounce. U.S. gold gained 0.3 percent to 1733.60 range.

 

Data from the World Gold Council shows that gold demand rose to its highest point for 14 years because of high gold demand in China in 2011 and then. U.S. job market data is positive also helped the market sentiment.

 

Spot silver rose 0.2 percent to 33.52 dollars range, ending a record low during the last three weeks in the range of 32.64 dollars in the previous session. Dairy has increased 21 percent so far this year.

 

Platinum rose 0.6 percent to 1628.99 dollar range but weekly decline of 1.5 percent after rising six consecutive weeks.

 

Palladium rose 0.3 percent to 693.72 dollar range but towards the most severe decline in the last six weeks.

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The increase in gold Approach Step 7 Days After China, Greece Into Focus

 

Monday, February 20, 2012

 

Financeroll - Gold futures rose on Monday session, trading near its highest level in seven days after China's central bank announce new easing measures at the weekend, while the market focus was on European finance ministers meeting today to resolve the two Greek terms of the bailout package.

 

On the Comex division of the New York Mercantile Exchange, April gold futures contract traded at $ 1,732.85 per troy ounce during the European morning trading session, up 0.4 percent. previously, gold rose by 0.75 percent and could touch the level of $ 1,738.65 per troy ounce, its highest since February 15.

 

Gold rose in Asia, after a sentiment fueled by China's central bank move at the weekend menumumkan has cut reserve requirement ratio for commercial banks an advanced 20.5 percent from 21 percent, the second decline in nearly three months. The move is expected to release 400 billion Yuan of China in an effort to encourage lending and direct the growth of the country's second largest economy in the world.

 

While investors expect euro zone finance ministers approved the bailout of 130 billion euros are needed to Greece at a meeting in Brussels today, the negotiations have been known to uncover the past. Without the bailout, Athens faces the threat of default when the redemption of 14.5 billion euro bond which matures on March 20.

 

On the other trading on the Comex, silver futures rose 0.8 percent in March diperdagankan at the level of $ 33.48 per troy ounce, while copper rose 1.6 percent in March contract traded at $ 3.766 per pound. Comex trading day will be related ditutuo Presidents' Day holiday.

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Potential Breakout Crude Oil to $ 115

 

Tuesday, February 21, 2012

 

Nymex crude oil chart has formed a new two-character behavior. The first picture is a wide range of consolidation around $ 100. While the second fact is the formation of long-term rise triangular pattern. Both behaviors were clearly visible on the weekly charts.

 

Technical resistance for oil is $ 98. These levels are a strong resistance level and consistent over the years.

 

While the psychological resistance lies at $ 100. In its movement, oil prices often resistant form of consolidation between $ 98 and $ 100. But the last few months oil has formed a new resistance near $ 102 so that the range is now in a strong consolidation between $ 98 and $ 102.

 

Significant behavioral change is because in the past, when oil moves up psychological resistance near $ 100, price volatility increases. As observed above $ 100, oil can move easily into the $ 112, then to $ 124. The development of resistance to near $ 102 now to reduce the volatility.

 

The second behavior of the NYMEX oil price chart is a triangular pattern of increased sustainability. Triangular pattern of oil has historically resistant level and trend line is pointing up. Uptrend line since October 2011 starts with lows near $ 95.53 (December 2011) as the reference point of the trend line. The position of the trendline is confirmed by the lowest level in February 2012, at near $ 96.91.

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Iranian Support Oil Rally

 

Wednesday, February 22, 2012

 

Oil prices continue to rally in London over the outbreak of the session will concern the disruption of world oil supplies. The International Atomic Energy Agency (IAEA) said Iran's nuclear program negotiations impasse encountered while Iranian military officials point out the threat of war again. Oil prices had slipped in Asian session after data show China's manufacturing sector contracted for the fourth month.

 

"The performance of oil prices related to the situation in Iran and the Middle East," said Jonathan Barratt, an analyst interviewed by Bloomberg. "Fear of disruption of oil supplies continue to rise with the spread of Iran's dispute with the West," said David Greely, the head of Goldman Sachs research, which also express the oil remains bullish.

 

IAEA fails to get access to the Parchin, one area where Iran was developing its nuclear program. IAEA course pupuskan failure of negotiations with the Iranian government hopes to undo nuclear ambitions. Israel and the U.S. is still reviewing all the policies to make sure Iran does not have atomic weapons. On the other hand, the military leaders of Iran, Mohammad Hejazi, hinted Iran could launch attacks in advance to protect national interests.

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Dollar Aids Gold Performance

 

Thursday, February 23, 2012

 

Gold prices please register strengthening thin in the London session, helped by a weaker dollar after the data provide hope for the recovery of Europe's largest economy. The euro rallied after German business sentiment rose to a seven-month high, 109.6, as rising optimism the business will be the completion of Europe's debt crisis.

 

Gold's performance was also supported by continued expectations the central bank's monetary easing in developed countries. BoE Minutes yesterday show the desire to give some BoE officials a greater stimulus. Contraction of European manufacturing and service sectors also emphasize the threat of economic slowdown that still need monetary easing from the ECB. China's manufacturing sector is still natural for the fourth month of consecutive contractions can also encourage the PBOC to back down minimum reserve banking.

 

"As long as the central bank's loose monetary policy is still running then the performance of gold remains positive," said a trader in Singapore who were interviewed by Reuters. Meanwhile, Reuters technical analyst, Wang Tao, optimistic that gold could reach $ 1797.

[mynameisandhy]

Beware of Gold 1787.50 Resistant

 

Friday, February 24, 2012

 

Gold entered a phase of consolidation, moving in the range 1772.83 - 1787.50. The main trend is still bullish on the area where the trendline and support at 1772.83 is a pretty good area to look for a bullish signal. Note also the resistance level at 1787.50 because of the outbreak is expected to trigger bullish momentum returned to the target in the range 1796.56 - 1806.70. Beware breakdown of support at 1722.83 as it will transform into a bearish bias to the target area of ​​support in the range 1758.24 - 1749.10.

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World Oil Performance Limit Asian Rally

 

Monday, February 27, 2012

 

In general, although the observed positive Asian stock markets earlier in the week (Monday, 27/02), but its movement is limited because investors are still looking wary and worried by oil prices that soared up above the level of $ 109/barel.

 

Market into a panic because of high oil prices is feared could adversely affect the industrial sector so that it will also contribute to slowing economic growth. Nevertheless Asia stock index was observed quite sturdy because Wall Street trading closes this weekend is quite varied. This occurred amid optimism economic reports better than expected. Additionally share positive wind coming from the summit of the G-20 two days in Mexico.

 

The leaders of the G-20 reportedly agreed on additional funding from the International Monetary Fund. This funding is conditional upon an increase in euro zone rescue package. And European issues will still be the focus of this week, as reports of finance ministers and central bankers from the world's biggest economies called for Europe to immediately provide more funding to combat the debt crisis in the region. Especially before the international community to give more assistance. However, rising oil prices and the threat to domestic recovery, return restrain the rate of reinforcement index.

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World Oil Continue Weakness in Asia

 

Tuesday, February 28, 2012

 

Continued weakening of world crude oil trade on Tuesday (2/28/2012) in Asia with concern rising oil prices would cost the world economy.

 

U.S. light sweet crude oil fell 64 cents to U.S. $ 107.92 per barrel through electronic trading on the New York Mercantile Exchange (NYMEX) for delivery in April. While Brent crude fell 47 cents to U.S. $ 123.7 per barrel in London. So quoting cnbc.com.

 

"People are worried about the rapid rise in prices for oil. We will see a correction before prices start rising again," said Tetsu Emori, of Astramax Co. in Tokyo.

 

Upward trend in oil prices further warming of relations with Iran and U.S. ally. They suspect Iran of developing nuclear so as to give sanction to stop imports from Iran.

 

Brent crude has risen to 11% in February 2012. Upward trend in oil prices, have also been reminded of the IMF because of the potential global economic pressure. Brent record occurred on February 24, 2012 reached U.S. $ 125.55 per barrel. While U.S. oil has touched the level of U.S. $ 109.95 per barrel.

 

Rating agencies, S & P has cut Greek debt rating to selective default. S & P expects continued Greek debt swap program to reduce the debt burden. Currently, Greece continues to follow the schedule resturkutisasi large amount of debt. On March 8 the deadline for bondholders to participate in the swap swsta bonds.

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Gold prices predicted will continue to climb

 

Wednesday, February 29, 2012

 

Gold prices predicted to rise in London. At 09:34 pm London time, the contract price of gold for fast delivery gained 0.1% to U.S. $ 1785.55 per troy ounce. In the previous transaction, the price of gold was sitting in the position of U.S. $ 1790.57 per troy ounce, its highest level since 14 November last. If calculated, so far this month, the price of gold has increased by 2.8%.

 

Meanwhile, the price of gold contract for April delivery fell 0.1% to U.S. $ 1,787 per troy ounce on the Comex in New York. For your information, the price of gold has jumped 14% so far this year, once in 2011 and then rose 10%.

 

One trigger is the rise in gold prices at which investor speculation the European Central Bank funding will boost demand for gold. "The surge is benefiting from the fear of the abundance of liquidity in the foreseeable future," said Andrey Kryuchenkov, an analyst at VTB Capital in London.

 

For your information, a Bloomberg survey shows, European Central Bank expected to guarantee the banks in the region in the long-term refinancing operations with a value reaching 470 billion euros or U.S. $ 633 billion. ECB had done a similar operation on December 21 last with a value of 489 billion euros.

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Trying to rebound to 1738 gold

 

Thursday, March 1, 2012

 

Movement of gold at 1-hour chart is seen to rebound against the dollar. The technical indicator of potential stochastic is in bullish.

 

The outbreak of resistant 1726.63 will likely bring the price of gold moves up to 1738.00 to 1750.97 resistance. Beware if gold fell through the support 1711.58 and there is a tendency of gold will move down to 1699.52 to 1687.25 support.

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If Brent U.S. $ 135, hit Asian economies

 

Friday, March 2, 2012

 

Nomura Holdings Inc. predicted the Brent oil price rises to the level of U.S. $ 135 per barrel this year could hit economic growth in Asia. A number of countries which will have a major impact on the rise among India, Korea, Thailand, and Philippines. These countries will be hit more powerful than China, Malaysia, or Singapore.

 

According to Rob Subbaraman, chief economist at Nomura's Asia, growth in Asia outside of Japan to fall to 6.1% from 6.6%, if oil prices remain at that level. He also added, in a worst case scenario, world oil prices will climb to U.S. $ 150 in the second quarter or later due to supply factors of financial speculation.

 

"If oil prices continue to climb, Asia will be affected by greater than most other regions. The U.S. economy's record growth, but Europe is in recession and emerging market economies began to decline," said Subbaraman.

 

Record, during last month, Brent oil prices have gone up 11%. This is the highest monthly rise in the last year, due to the issue of Iran sanctions.

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Iran tensions push oil to strengthen

 

Monday, March 5, 2012

 

Oil rises kelevel terrendahnya in the last 3 days in New York after President Barack Obama said the possibility of using military force to stop Iran from developing nuclear weapons and after Enbridge Inc.. shut down the pipeline in Illinois.

 

Oil futures contract rose 0.6%, up from weak first week in the last 4 weeks.

 

Oil contracts for April delivery rose 59 cents to $ 107.29 per barrel on NYME of $ 106.92. Previous contract fell 2% to $ 106.70 on March 2, the lowest since February 28. Prices fell 2.8% last week and 1.4% higher than the previous year.

 

April Brent contract was dilevel $ 123.81 a barrel, up 16 cents in London. European benchmark contract versus New York at $ 16.89.

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The oil contract is still strong

 

Tuesday, March 6, 2012

 

Oil prices moved closer to its highest level in 2 days because of fears that Iran will hamper the supply of crude oil which weighed speculation that the global economy will slow down.

 

Oil futures declined slightly after rising 0.6%. Israeli Prime Minister Benjamin Netanyahu in Washington said today that Israel would defend its right to protect themselves and prevent Iran from nuclear weapons possession.

 

The world economy is expected to grow by a lower phase of this year, according to the Reserve Bank of Australia. South Korea's Finance Ministry said the country's economic uncertainty increases due to rising oil prices.

 

Oil contracts for April delivery rose $ 106.76 per barrel, up 4 cents at NYME. Last contract closed up 2 cents at $ 106.72, its highest since March 1.

 

April Brent contract fell 19 cents to $ 123.61 per barrel in London. European benchmark contract to New York at $ 16.85.

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Gold rose slowly, commodity prices fell

 

Wednesday, March 7, 2012

 

Spot gold is slightly offset in the range of 1,673,77 per U.S. dollar. Yesterday, gold fell to its lowest point since January 25 last in the range 1,6630,30 per U.S. dollar. The last time gold fell for four consecutive days was on 15 December.

 

Standard & Poor's GSCI Spot Index of 24 commodities fell 1.5 percent and the cap in the range of 692.61 yesterday in New York, the most severe decline since December 14. In the last three days as the dollar fell 2.6 percent which rose 1.3 percent against six other currencies including the euro.

 

The Greek government said it would make collective action to force creditors to accept the bond swap. European GDP fell 0.3 percent in the fourth quarter, according to data yesterday, they showed that the economy began to injury.

 

Silver, the metal with the best performance this year, down on the fourth day with the most severe weakening since September, down 0.4 percent to 32.8275 dollars per ounce. yesterday, silver fell to 32.48 dollars per ounce, its lowest price since January 25.

 

Spot platinum rose 0.4 percent to 1621.75 dollars per ounce and end the three-day decline. Palladium rose 0.8 percent to 673 per dollar, up the first time in four days.

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Coming to the Debt Swap, Gold-Dollar Performance Differences

 

Thursday, March 8, 2012

 

The price of gold and the dollar exchange rate ahead of the observed contrast of Greek bond exchange process. Reap the precious metal reinforcement in the middle of a correction the greenback.

 

Dollar exchange rate weakened by positive expectations of the debt swap a few hours. The dollar index looks down from 79 692 (U.S. session Wednesday) to 79 609 during the Asian session on Thursday (09/03).

 

While the euro exchange rate rose from $ 1.3154 to $ 1.3166. Against the yen, the single currency also rose from 106.80 to 106.95. Toward the central bank's interest rate decision the ECB and the bond swap, predicted the euro does not move much today. The reports said that Greece is almost close to the quota of participation of investors (66%) in the exchange of bonds, making market participants are optimistic. Meanwhile, European interest rates are also believed not to budge from the current level (1%).

 

Meanwhile, gold futures seen higher on this day. On electronic data, the Comex gold for April delivery rose $ 4.90 to $ 1,688.80 per ounce. Yesterday, the contract rose gold next month is $ 11.80, or 0.7% to $ 1,683.90.

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U.S. Employment Data Prospects of Oil Demand Brighten

 

Friday, March 9, 2012

 

Crude oil traded back above $ 107 per barrel on Friday, and stay on track weekly gain, following the release of U.S. employment data better than expected fueled hopes that oil demand outlook in the country, Uncle Sam will increase. The impetus for the price of oil also comes from China's inflation data indicating if the government might take further measures to stimulate perkonomian, in addition to the continuing turmoil in the Middle East.

 

Currently crude oil traded at around $ 107.80 per barrel, or about 1.2% above its opening price level on Friday.

 

The U.S. economy managed to create 227 000 new jobs in February, which reinforces the view that the pace of recovery will be faster this year.

 

"In the midst of a volatile trading Friday, the market gets a boost by the non-farm payrolls that the data slightly better than expectations," said Matt Smith, an analyst at Summit Energy. "But the dollar rally triggered by the reduced potential for further stimulus from the Fed, was likely to limit the appreciation of oil."

 

While the release of a Chinese data, which is the largest energy consumer, showing the annual inflation rate fell to its lowest 20-month in February. Slowdown is an opportunity for policy makers of China to immediately adjust their monetary policy to boost growth, which likely will drive demand for oil and other resources.