6 Sep 2013
Commodities mixed; Oil soared while gold tumbled
FXstreet.com (Athens) – Better than expected economic data pushed higher the oil futures, while gold sank 2% on expectations that tapering will be “sooner” than “later”.
Oil futures rose on both sides of the Atlantic on Thursday as bullish U.S. economic data and a drawdown in U.S. crude inventories implied increasing use in the world's biggest oil consumer. What’s more, U.S. crude prices also drew support from separate data showing U.S. crude stocks fell by 1.84 million barrels, including a 1.83-million-barrel draw at Cushing, Oklahoma, which is the delivery point for U.S. crude futures. Finally, Brent crude rose 13 cents to $115.04 a barrel after an earlier high of $115.55. On the exact opposite side, the spot gold sank almost 2 percent to two-week lows on Thursday as upbeat U.S. economic data heightened expectations the U.S. Federal Reserve may soon rein in its massive stimulus program that has bolstered bullion prices. Elaborating on, the spot price of gold was down 1.6 percent at $1,368.01 an ounce, adding to Wednesday's 1.5 percent drop. Last but not least, silver was down 1.1 percent to $23.18 an ounce.
Oil futures rose on both sides of the Atlantic on Thursday as bullish U.S. economic data and a drawdown in U.S. crude inventories implied increasing use in the world's biggest oil consumer. What’s more, U.S. crude prices also drew support from separate data showing U.S. crude stocks fell by 1.84 million barrels, including a 1.83-million-barrel draw at Cushing, Oklahoma, which is the delivery point for U.S. crude futures. Finally, Brent crude rose 13 cents to $115.04 a barrel after an earlier high of $115.55. On the exact opposite side, the spot gold sank almost 2 percent to two-week lows on Thursday as upbeat U.S. economic data heightened expectations the U.S. Federal Reserve may soon rein in its massive stimulus program that has bolstered bullion prices. Elaborating on, the spot price of gold was down 1.6 percent at $1,368.01 an ounce, adding to Wednesday's 1.5 percent drop. Last but not least, silver was down 1.1 percent to $23.18 an ounce.