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Oil Gains, Gold Drops on Positive Reports from USA

December 22, 2011 at 17:53 by Vladimir Vyun

Crude oil rallied, while gold fell today as the fundamental data from the United States confirmed that the economic recovery gains momentum.

The US gross domestic product expanded 1.8 percent in the third quarter. The jobless claims went down from 368,000 to 364,000 last week. The University of Michigan consumer sentiment index rose from 64.1 to 69.9 in December. The leading index advanced 0.5 percent in November.

Oil also gained as the report showed that the US inventories shrank by 10.6 million barrels to 323.6 million barrels last week.

February futures for gained as much as $1.14 to $99.81 per barrel by 12:19 on NYMEX. Brent crude oil advanced from $107.92 to $108.21 per barrel today as of 17:48 GMT on ICE, following the earlier drop to $107.29. Gold retreated from $1,608.80 to $1,604.00 on COMEX.

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

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