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Crude oil prices climbed to the highest level for two years for sales per outlet in the U.S. rose the most since April and the Standard & Poor’s 500 Index has recovered from the crisis of 2008.

Oil futures prices rose 0.5% after a private report showed shop sales rose 4.2% last week. S & P 500 Index rebounded to a level that has not been achieved since Lehman Brothers Holdings Inc posted the biggest bankruptcy in September 2008. “Spending the holidays seem to remain high, thereby increasing optimism about the economy next year,” said Michael Lynch, president of Energy & Economic Strategic Research in Winchester, Massachusetts. “Prices continue to rise due to the possibility of an early anticipation of the tightening.” ? ? Crude oil for February delivery rose 45 cents to U.S. $ 89.82 per barrel on the New York Mercantile Exchange, the highest contract price since October 7, 2008. Oil prices have gone up 13% this year. Price of Brent crude oil for February delivery closed up 46 cents, or 0.5% to U.S. $ 93.20 per barrel in late trading yesterday on ICE Futures Europe exchange based in London. This is the highest contract price since October 1, 2008. Contract price of oil rose after the American Petroleum Institute reported at 16:30 that U.S. crude supplies fell 5.8 million barrels to 342 million last week. Oil prices for February delivery rose 62 cents, or 0.7% to U.S. $ 89.99 per barrel in electronic trading at 16:34. Sales of stores in some U.S. retail recorded the highest increase for the holiday period, according to the index of retail sales are released on Monday by the International Council of Shopping Centers, based in New York and Goldman Sachs Group Inc. Retail sales during the holidays is a key economic indicators in the U.S., country users The world’s largest oil.

The price of gold for August delivery fell back to USD21, 60, down from 1.81 percent last week in USD1.188.20 position on the Comex, New York. This is the largest decline for most active contract since July 1 last. As quoted from Bloomberg, Monday (07/19/2010), price of gold at the end of trading last week closed below USD1.190, resulting in the closure of the gold to trade below its normal trading range. On gold futures contract for August delivery is seen strong sales volume, the data quoted by Bloomberg. Several traders said there was an option to sell gold held by investors since the beginning of trade.

Gold prices touched a record high in the record of USD1.266, 50 per ounce on June 21 and reached its highest level. For gold trade cautioned that increasingly fell, investors started to restrict demand this precious metal, as a medium-term savings instruments.

“The price of gold back corrected, although the trade in Asia is falling prices,” said Executive Director of ABN Amro Bank, NV Wallace Ng.

On the other hand, the euro managed to rise above USD1, 29 for the first time since May related to a Spanish request to cut the bonds concern over the possibility could not overcome the deficit. A number of investors had to sell euros and buy dollars and gold as an investment during the height of European concerns about the debt crisis may be reversed.

Asian stocks fell because of slowing economic data of the United States (U.S.) and China thus reinforcing fears of a global economic recovery is still fragile.

Japanese and Australian Stock Exchange corrected quite sharply as investors seemed to cut exposure in the stock market and the euro depreciated against the U.S. dollar (U.S.).

Tokyo Stock Exchange today plunged 2.04 percent return, the Australian stock exchange fell 1.44 percent, the Shanghai stock exchange fell 1.02 percent, Taiwan’s stock exchange falling by 1.03 percent, the Seoul stock exchange fell 0.71 percent, 1.08 percent of India’s market slump, and the Singapore stock exchange fell 0.53 percent.

Bleak U.S. economic data Wednesday again raises concerns about the possibility of a second global economic crisis.

And today the data of China on June manufacturing index also fell to 52.1 yesterday compared to the position in May amounted to 53.9, thus strengthening the suspicion that the State economy will also slow down the Bamboo Curtain.

“The deterioration of China’s economic data adds to fears of a global crisis amid uncertainty over both Europe and the U.S. economy,” said Park Seok-hyun, an analyst of KTB Securities.

Statement from the Bureau of Statistics of China that export demand is still increasing but slow down with the grim prospect helped trigger the collapse of regional exchanges.

Action later caused big losses on sales in the U.S. stock market on Thursday, with investors scared by the news of a blast in Athens and the specter of criminal charges against nine banks.

The blue-chip stock index Dow Jones Industrial Average fell 113.96 points (1.05 percent) to 10782.95 at close of trading.

The technology-heavy NASDAQ composite index lost 30.66 share points (1.26 percent) at 2394.36 while the broader market index Standard & Poor `s 500 lost 14.23 points (1.21 percent) to 1157.44.

Before the action to sell in late trading, and after logging off for the past week, the stock hovering in or around the red for most of Thursday.

“Stocks spent much of the session stuck in negative territory with moderate losses, but the sellers intensify their efforts in the last action,” Briefing.com analysts said in a client note.

“The atmosphere for relatively warm most of the session as buyers took a break after they sent the stock market rose more than five percent higher during the three previous sessions,” said the analysts. Read the rest of this entry »