Crude Oil & Gold Gain, Following Yesterday’s Declines
Crude oil gained today as Storm Isaac approaches the Gulf of Mexico, forcing oil companies to halt their operations. The Bureau of Safety and Environmental Enforcement reported that 93 percent of oil production from the Gulf has been stopped. Analysts estimated, before tomorrow’s report from the Energy Department, that US crude oil inventories declined 1.75 million barrels last week. Crude oil rose from $95.46 to $96.21 as of 22:50 GMT today on NYMEX. October futures for Brent crude advanced $0.32 (0.3 percent) to $112.58 per barrel ICE.
Gold rose today, following yesterday’s decline. The precious metal fell previously as talks about monetary easing from the Federal Reserve. Today’s positive housing data from the United States gave another reason to doubt that the Fed would ease its policy on the next policy meeting. Gold traded at $1,667.07 per ounce today on COMEX, following the advance from $1,661.40 to $1,672.22.
If you have any questions and comments on the commodities today, use the form below to reply.