Oil And Gold Analysis: January 28, 2014
ICM Brokers | Jan 28, 2015 02:53AM ET
CL
Oil rose on Tuesday as a weaker dollar propped up commodities priced in the currency, but gains were limited by fears of another large build in U.S. crude stocks and that the seven-month long selloff in oil has yet to peak. Market participants now looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of demand in the world’s largest oil consumer. The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 3.8 million barrels in the week ended January 23.
GOLD
Gold erased losses to hit the highest levels of the session on Tuesday, after data showed that U.S. durable goods orders fell unexpectedly in December, fueling concerns over the strength of the economy. In a report, the U.S. Commerce Department said that total durable goods orders, which include transportation items, fell by 3.4% last month, compared to expectations for a gain of 0.5%. Core durable goods orders, excluding volatile transportation items, declined by 0.8% in December, disappointing forecasts for a 0.6% gain.
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