Oil Futures Take Massive Plunge, Gold Inches Downward
ICM Brokers | Jul 02, 2015 04:49AM ET
CL
WTI crude futures took a massive plunge on Wednesday suffering one of its worst one-day falls in nearly three months, amid a surprising build in U.S. stockpiles last week. In its Weekly Petroleum Status report, the U.S. Energy Information Administration said U.S. crude inventories last week rose by 2.4 million barrels, halting an eight week streak of weekly draws. U.S. crude stockpiles are now at 465.4 million barrels, near its highest level at this time of year in at least 80 years. Analysts had expected a draw of 2 million barrels.
GOLD
Gold futures inched down on Wednesday extending losses from the previous two sessions as robust U.S. private sector jobs data and fresh hopes for a deal between Greece and its creditors weighed. Payroll processing firm ADP reported on Wednesday that U.S. non-farm private employment rose by 237,000 last month, above expectations for an increase of 218,000. The economy created 203,000 jobs in May, whose figure was upwardly revised from a previously reported increase of 201,000.
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