Oil Extends Losses Amid Stronger USD, Gold Plummets To 3-Month Low
ICM Brokers | Jul 08, 2015 05:27AM ET
CL
Crude futures extended losses from Monday's massive sell-off amid a stronger dollar, as western powers extended a deadline for a nuclear deal with Iran and optimism for a breakthrough in Greek Debt negotiations faded. In Vienna, talks between Iran and its Western negotiating partners continued after the sides failed to reach a deal on a final agreement by Tuesday's deadline. The standoff dragged on, even as the U.S. State Department insisted that the two sides had achieved significant progress in the longstanding negotiations over the last 24 hours. The sides set a new deadline for Friday.
GOLD
Gold futures plummeted to a three-month low amid a stronger dollar, as widespread concerns related to the Greek Debt crisis and the plunging Chinese equities market continued to weigh. In Brussels, optimism for a pending deal in Greek debt negotiations quickly faded as European creditors maintained a hard line with Athens leaders in an unproductive session. The leaders expected to receive a revised outline from Greece on a comprehensive cash-for-reforms deal but instead Greek officials reportedly arrived at the emergency summit without any definitive propositions.
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