Crude Declines Sharply, Gold Plunges Further To 5-Year Lows
ICM Brokers | Jul 23, 2015 06:11AM ET
CL
WTI crude futures declined sharply on Tuesday to fall under $50 a barrel for the first time since early-April, amid an expected build in U.S. crude stockpiles last week. In its weekly Petroleum Status Report, crude inventories rose by 2.5 million barrels for the week ending on July 17. While analysts expected a draw of 2.0 million barrels last week, WTI crude for September delivery traded between $49.35 and $50.80 a barrel, before closing at 49.40, down 2.90% to 49.40.
GOLD
Gold futures plunged further on Wednesday to fresh five-year lows amid a broadly higher dollar, as investors continued to adopt a bearish sentiment to the precious metal.The National Association of Realtors said in a monthly report on Wednesday that existing home sales in June increased 3.0% on a month-to-month basis to an annual rate of 5.50 million units, its highest level since February, 2007. Analysts expected existing home sales to rise to 5.40 million on the month. Gold for August delivery plummeted to 1,085 a troy ounce, its lowest level since February, 2010, before rallying slightly in U.S. afternoon trading. The precious metal settled at $1,092 down 0.95% to close lower for the 10th consecutive session.
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.