Crude Ends Month Lower
ICM Brokers | Sep 01, 2014 02:23AM ET
Crude Oil
Crude oil prices ended the month lower, despite posting their first weekly gain in five weeks on Friday bolstered by concerns over worsening tensions in Ukraine and as broadly upbeat U.S. data lifted the demand outlook. Crude oil moved higher after data showed that U.S. consumer sentiment rebounded to a seven year high in August, with the final reading of the University of Michigan’s consumer confidence index rising to 82.5 from 81.8 in June. Another report indicated that manufacturing activity in the Chicago region continued to expand in August, pointing to underlying strength in the sector. The reports offset separate data showing that U.S. consumer spending unexpectedly fell 0.1% in July. The reports came one day after data showed that U.S. gross domestic product expanded at an annual rate of 4.2% in the second quarter, up from a preliminary estimate of 4% and rebounding from a first quarter contraction.
Gold
Gold prices dipped on Friday, easing back from one-week highs as broadly upbeat U.S. economic data dampened safe haven demand for the precious metal, but prices remained supported as tensions between Russia and Ukraine remained high. gold retreated from the day’s highs after data showed that U.S. gross domestic product expanded at an annual rate of 4.2% in the second quarter, up from a preliminary estimate of 4% and rebounding from a first quarter contraction. Reports on Friday showed that U.S. consumer sentiment rebounded to a seven year high in August, with the final reading of the University of Michigan’s consumer confidence index rising to 82.5 from 81.8 in June. Another report indicated that manufacturing activity in the Chicago region continued to expand in August, pointing to underlying strength in the sector. The reports offset separate data showing that U.S. consumer spending unexpectedly fell 0.1% in July.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.