Oil And Gold Analysis: Oil Moves Higher, Gold Remains Positive
ICM Brokers | Feb 26, 2015 02:45AM ET
CL
Oil prices moved higher on Wednesday as Saudi Arabia's oil minister calmed markets with reassuring comments on global oil demand and U.S. data indicated that oil supply in the nation reached its highest level ever. Prices were around $48.95 a barrel just before the release of inventory data. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 8.4 million barrels last week. The increase more than doubled its forecasts of a 4.0 million barrel weekly spike. The prices surged after Saudi Arabian oil minister Ali al-Naimi told reporters on Wednesday that oil markets have settled down after a prolonged period of volatility late last year. It marked the minister's first public comments since he said that Saudi Arabia would not abandon its oil pricing strategy even if brent oil dropped to $20 a barrel.
GOLD
Gold remained in positive territory on Wednesday, after data showed that the U.S. new home sales fell less than expected in January, easing concerns over the health of the housing sector. Meanwhile, the yellow metal remains supported after Federal Reserve Chair Janet Yellen said the central bank would not hike rates for the next few meetings.
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.