China has approached foreign banks and gold producers to participate in a global gold exchange in Shanghai, people familiar with the matter said, as the world's top producer and importer of the metal seeks greater influence over pricing.
Just after North Dakota celebrated its billionth barrel of oil out of the Bakken oil formation the U.S. Energy Information Administration (EIA) reported a record amount of oil in storage. Stockpiles rose 1.7 million barrels putting commercial crude inventories to 399.4 million barrels.
The petroleum market is trying to assess the impact from emerging issues in emerging markets and rising U.S. oil production ahead of Ben Bernanke's last Fed meeting and ahead of the President's State of the Union address.
The U.S. oil boom has put European refineries out of business and undercut West African crude suppliers. Now domestic drillers threaten to roil Asian markets and challenge producers in the Middle East and South America.
While the market is initially celebrating a historic deal with Iran there may be other geo-political risk factors and doubts that may subdue the celebration. Oil traders are giddy because they believe this will open the door to more Iranian oil.