INTERNATIONAL COMMODITY NEWS

Oil moved higher above $65 a barrel on Tuesday, within sight of its highest since mid-2015, supported by an explosion on a crude pipeline in Libya and voluntary OPEC-led supply cuts. The move towards restart of a key North Sea pipeline, Forties, capped the rally. The pipeline is being tested after repairs and full flows should resume in early January, its operator said on Monday. Brent crude (LCOc1), the international benchmark for oil prices, rose 19 cents to $65.44 a barrel at 1447 GMT. Prices hit $65.83 on Dec. 12, the highest since June 2015. U.S. crude (CLc1) added 24 cents to $58.71. "The confirmation that Forties is coming back ....has the potential for capping Brent," said Olivier Jakob, analyst at Petromatrix. Trading activity was thin due to the Christmas holiday in many countries. Oil turned positive following the explosion at the Libyan pipeline, which feeds the Es Sider terminal.

Gold prices hit a three-week high on Tuesday, while the dollar showed little movement as trading volumes were expected remain subdued during the holiday season. Comex gold futures rose 0.28% to $1,282.30 a troy ounce by 4:18AM ET (9:18GMT) Tuesday, just off its intraday high of $1,283.50 which was its highest level since December 1. The dollar was little changed on Tuesday with Wall Street preparing to reopen its doors after the Christmas holiday. Most European stock markets remained closed on Tuesday for Boxing Day and with New Year’s just around the corner, trading was expected to remain thin. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.14% at 92.97. Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.

A U.S. regulator has proposed rolling back safety measures put in place after the 2010 Deepwater Horizon oil spill, which would reduce the role of government in offshore oil production, the Wall Street Journal reported on Monday. The Bureau of Safety and Environmental Enforcement (BSEE), which regulates offshore oil and gas drilling, proposes relaxing requirements to stream real-time data on oil production operators to facilities onshore, where they are available for review by regulators, the Journal reported. The BSEE has also proposed cutting a provision requiring that third-party inspectors of critical equipment - such as the blowout preventer that failed in the Deepwater Horizon case - be certified by the BSEE, the Journal reported. The agency had sent its proposal to the White House budget office, the newspaper reported.

TRADING STRATEGY :

SELL GOLD FEB BELOW 28840 TARGET ( 28820-28810)-28770-28680 WITH SL 28970.
BUY LEAD ABOVE 159.40 TARGET 159.80-160.30-161.80 WITH SL 157.40.

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