Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities

Archives

Crude Oil Jumps More than 4%, Gold Drops

December 23, 2015 at 22:54 by Vladimir Vyun

Crude oil jumped more than 4 percent today after the surprise drop of US inventories. The stockpiles were down by as much as 5.9 million barrels while experts were counting on a 1.4 million increase. Still, the reserves remained close to the highest level for this time of year. February contract for delivery of WTI crude oil rallied 4.84 percent to $37.89 per barrel as of 22:45 GMT on NYMEX today. Futures for delivery of Brent crude soared 4.6 percent to $37.77 per barrel on ICE.

Meanwhile, prices for gold went lower after the stream of economic data released from the United States. Among the report was gross domestic economic product for the third quarter of this year. While its growth of 2 percent was much smaller than the second quarter’s 3.9 percent, it was still a bit above economists’ expectations of 1.9 percent. The dollar rallied today, putting pressure on commodities priced in the US currency. Gold for delivery in February lost 0.41 percent of its value to $1,069.7 per troy ounce on COMEX.

If you have any questions and comments on the commodities today, use the form below to reply.

Leave a Reply

required
required  

Navigation

Menu