Oil Rebounds As Gold Surges
ICM Brokers | Aug 11, 2015 03:11AM ET
Crude futures rebounded on Monday after touching down to six-year lows in overnight trading, amid a weaker dollar and a Midwest refinery shutdown that enabled gasoline futures to enjoy its highest one-day move in more than a month. On the New York Mercantile Exchange, WTI crude for September delivery traded in a tight range between $43.39 and $45.01 a barrel, before settling at 44.94, up 1.07 or 2.50% for the session. It marked the strongest one-day move in U.S. crude futures in more than two months. Texas Long Sweet futures are coming off one of their worst three-week stretches in a period of several years, after plunging more than 13% since July 20.
Gold surged on Monday experiencing its strongest one-day moves in nearly two months, amid dovish comments from a prominent Federal Reserve official on the timing of the US Central Bank's first interest rate hike in nearly a decade and continuing concerns surrounding the economy in China. Fed governor Stanley Fischer insisted on Monday that lift-off for a September rate is not a certainty, in spite of solid numbers last week from the U.S. Department of Labor's July national economic situation report. In an exclusive interview with Bloomberg, Fischer indicated that while the labor market is moving closer to full employment, inflation still remains below the levels needed to allow the Fed to normalize policy.
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.