Friday's Oil And Gold Analysis
ICM Brokers | Nov 01, 2013 06:57AM ET
Crude oil dropped for a third day, trading near a four month low, as U.S. crude stockpiles gained for a sixth week and speculation mounted that the Federal Reserve may reduce financial stimulus. Crude lost as much as 0.7 percent, heading for a second monthly decline, as the dollar strengthened on signs the Fed may curtail bond purchases and of an interest rate cut by the European Central Bank. Crude inventories rose by 4.1 million barrels to 383.9 million last week, the highest level since June, the Energy Department said.
GOLD
Gold posted the biggest loss in almost three weeks as the Federal Reserve fueled speculation that it will trim U.S. monetary stimulus sooner than anticipated. The economy shows signs of “underlying strength,” Fed policy makers said. The statement pointed to the possibility of reduced bond purchases as soon as December, Citigroup Inc. and Barclays Plc said. The dollar headed for the longest rally in eight weeks against a basket of 10 currencies. Gold fell 1.9 percent to settle at $1,323, the biggest drop since October 11. This month, the price fell 0.2 percent.
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