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Oil Rises on Reserves Data, Gold Stays Flat Ahead of FOMC

October 29, 2014 at 5:18 by Vladimir Vyun

Crude oil rose today as industry data showed that oil stocks expanded less than was expected, while gasoline reserves dropped. The report from the American Petroleum Institute revealed that US inventories grew by 3.2 million barrels, trailing analysts’ expectations, while gasoline stockpiles fell by 3.7 millions. Few positive reports from the United States also supported prices for crude. December futures for delivery of WIT crude oil inched up 0.22 percent to $81.60 per barrel as of 5:04 GMT on NYMEX today. Contract for Brent crude advanced 0.34 percent to $86.32 per barrel on ICE.

Gold traded little changed at the Asian session as market participants wait for policy announcement from the Federal Open Market Committee. While it is expected that the FOMC will scrap its quantitative easing program, the recent not-so-good economic data damped speculations about an early start of monetary tightening. This kept the dollar down, allowing gold to hold ground. Yet it is still highly possible that the precious metal will change its behavior after the FOMC policy decision, though the exact performance will be determined by wording in the statement. December contract for gold traded virtually flat at $1,229.40 per troy ounce on COMEX today.

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