Markets to Watch Today

Crude Oil: October Crude Oil reversed early week gains. Edmund Daukoru, President of OPEC, said a delay in a major Gulf of Mexico production project reduced the need for an output reduction in the near-term. Those comments, coupled with easing fears over Iran’s nuclear program, weighed heavily on the Crude Oil market yesterday. Yesterday’s closing price was the lowest front-month settlement price for Crude Oil since March. October Crude Oil fell $2.14, to settle at $61.66 a barrel.

Wheat: December Wheat futures rose sharply on news that officials cut Australia’s crop estimate by 35% due to dry conditions. Production in Australia is forecast at 16.4 million metric tons. December CBOT Wheat gained 13 ½ cents, to settle at $4.09 a bushel.

Gold: December Gold futures fell yesterday, all but erasing Monday’s gains. Trader concerns over weak jewelry demand in the first half of the year, coupled with another drop in Crude Oil, were the factors behind Tuesday’s selling. December Gold fell $9.60, to settle at $583.20 a troy ounce.