Oil And Gold Analysis: CL Fell Sharply, Gold Closed Higher
ICM Brokers | Feb 27, 2015 02:21AM ET
CL
Crude oil prices fell sharply on Thursday erasing all of February's gains as the price approaches a 52-week low. The quick drop in crude on Thursday came one day after the 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. In Cushing, Oklahoma, storage increased from 46.3 million barrels to 48.7 million, the highest level in over a year.
Gold closed higher for the second consecutive day amid the release of mixed U.S. economic data and revamped metal trading in Asia. Gold rose steadily on Thursday following reports of lowering U.S. inflation. The Consumer Price Index fell 0.7% in January, slightly below estimates of a 0.6% decline. The drop in inflation was the largest decline since December, 2008. The CPI, which slipped 0.3% in December, experienced a decline for the third straight month.
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