Oil And Gold Analysis: Oil Surges, Gold Came Off Lowest Level Of Session
ICM Brokers | Apr 15, 2015 02:59AM ET
CL
Crude oil futures surged on Tuesday to move into positive territory for the year, amid continuing conflict in Yemen and mixed long-term forecasts on demand and production. The U.S. Energy Information Administration said that U.S. shale oil output was expected to record its first monthly decline in over four years next month. The EIA expects U.S. shale production to fall by 57,000 barrels per day in May from April. Meanwhile, oil found support from tensions in the Middle East, where fighting is continuing in Syria, Iraq and Yemen.
GOLD
Gold prices came off the lowest levels of the session on Tuesday, after data showed that retail sales in the U.S came in less than expected, supporting the side who speculate the world's largest economy will take longer than earlier expected to return to its inflation target. The retail sales grew 0.9% on a monthly basis in March, making a strong rebound from 0.5% fall in February but as the market had priced in a 1.1% rise, the data pulled the greenback down.
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