A leading broker has claimed today (January 6th) that oil prices look set to be supported in the coming months by two major political conflicts, Reuters reports.
The crude price pushed above $50 per barrel for the first time in a month - good news for anyone with a gold investment if the trend continues, as gold prices tend to track in the same direction.
Rob Laughlin, from MF Global, explained that the recent move has been caused by a combination of Israel's invasion of Gaza and the natural gas price dispute between Russia and Ukraine.
He told the news provider: "Oil prices continue to be supported by political issues, whether they be gas or Gaza related."
Although the relationship between gold and oil prices cannot be viewed as a strict theorem, the potentially long-lasting nature of both disputes could spur investment in the yellow metal.
Patricia Mohr, vice-president and economics and commodity market specialist at Scotiabank, Canada's third-biggest lender, recently claimed that oil prices are set for a major upturn.
"In our view, a sharp global capital spending slowdown on new oil field development, which now appears likely in 2009, will set the stage for tighter markets and a big rebound in prices early next decade," she commented.
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