Falling oil prices and rising gold with the return of concer

[Stillw8n]

Falling oil prices and rising gold with the return of concerns about the crisis Greece

Erbil, November 2 (Rn) – Crude oil prices fell on world markets Wednesday morning, while gold prices rose with the increasing demand for it as a safe haven with the return of concerns about the debt crisis that shocked Greece after the Greek government markets by calling for a referendum on the bailout plan European Community.

According to figures reported by “Reuters”, the price of Brent crude fell for the fourth consecutive day on Wednesday, the longest period of decline since the September / September due to fears that harm the renewed debt crisis of the euro area and weak economic data from China and the United States the global recovery and reduce demand for oil .
The call prompted Greek Prime Minister George Papandreou, unexpected for a referendum on the European rescue plan global markets tumbling and raised doubts about the continuation of important efforts to contain the crisis of sovereign debt in the euro area.

Adding to the gloomy forecasts coincided with data released on Tuesday showed a slowdown in industrial activity in China and the United States the largest oil consumer in the world.

Brent crude Brent 26 cents, or 0.24 percent to 109.28 dollars a barrel. The benchmark rose 6.6 percent last month.

U.S. crude was down in New York rose 26 cents, or 0.28 percent to 91.93 dollars a barrel, after dropping to its lowest level during the day at 90.97 dollars. The contract fell for a fourth day, the longest losing streak since August / August

With renewed demand for the precious metal gold futures rose U.S. about one percent to 1729.4 dollars an ounce. The price of gold for immediate delivery, 0.3 percent to 1723.39 dollars.

And platinum rose 0.4 percent to 1588.24 dollars, while palladium rose 0.6 percent to 635.49 dollars an ounce. The silver rose 0.45 per cent to 33.42 dollars an ounce.

This shift comes at the price declared after Greek government spokesman Elias Mossialos, the government held a special meeting on Tuesday night unanimously approved the project in the referendum on the bailout plan announced by Prime Minister George Papandreou.

He said the government also approved a resolution Papandreou vote of confidence in his government on Friday by the Parliament.

In the meantime, resentment prevailed surprising responses in Europe and the world on the impact of Papandreou’s sudden announcement of the referendum on the bailout plan. And warned that the financial rating agency Fitch that Greek voters rejected the plan threatens the viability of the euro area as a whole.

Papandreou said during the cabinet meeting that the referendum will provide a clear mission and will direct, but also a clear message to the home and abroad about our commitment to the European and belonging to the euro.

Papandreou warned that “everything will stop,” If there were an election campaign and that the country “will be conducted towards bankruptcy.”

He noted that the European partners have warned of his plans for the referendum, pointing out that they Christtermunh and will support the efforts of the country.

The global financial markets have declined in the United States and Europe, far Papandreou’s comments on the organization of a referendum on international aid to his country.

The referendum would lead to the possibility of rejection of the plan to resolve the European crisis of sovereign debt, which may consequently lead to the withdrawal of Greece from the euro area and the creation of financial shocks in the global financial system.

And Greece last week pledged to continue the application of austerity measures allow them to conclude an agreement with the leaders of the euro area for the cancellation of a portion of its debt estimated at 340 billion euros.

In a commentary on the European referendum, Greece, French President Nicolas Sarkozy and German Chancellor Angela Merkel said they will meet Papandreou in the meetings of the Group of Twenty scheduled on Thursday in Cannes, France, and Seatonaakecan it.

He said Sarkozy in a press statement today that the plan adopted at the EU summit last week is the only solution to the debt crisis of Greece.

World Bank President Robert Zoellick has warned that his part, Greek step for the referendum may confuse the European efforts to contain the crisis of sovereign debt.

In the field in Greece protests continue on the austerity measures almost daily at the invitation of the Federation of Unions of workers. The protesters questioned the extent of the efficacy of government action, which Athens says it aims to control the deteriorating economic situation.

The region’s leaders have struck a deal Thursday with the banks accepting the reduced rate of 50% of the value of Greek bonds and the granting of Athens more loans.

In contrast to Greece to accept tighter controls on the policy of the budget that was Troika creditor of Greece (European Union and the European Central Bank and International Monetary Fund) exercised every three months so far.

Greece’s debt is estimated at about 160% of GDP. According to the terms of the agreement would cut debt to 120% of GDP by 2020.

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