Crude Futures Fall, Gold Prices Turn Higher
ICM Brokers | Jul 09, 2015 02:33AM ET
CL
Crude futures fell on Wednesday as energy traders digested the modest U.S. supply build last week and slight progress in Iranian Nuclear negotiations. The Energy Information Administration said U.S. crude inventories increased by 400,000 barrels for the week ending on July 3, above expectations for a 500,000 draw. Meanwhile, Iran reportedly proposed "constructive solutions," according to the Iranian Students News Agency, in an effort to reach a final nuclear agreement with a group of six major western powers by Friday's deadline. During tense negotiations, the two sides have encountered sticking points in terms of a United Nations arms embargo against Iran, UN missile sanctions and the rapidity of sanction easing.
GOLD
Gold prices turned higher on Wednesday as investors turned their attention to the release of minutes from the Federal Reserve's latest policy meeting. Federal Reserve indicated that they would need to see more evidence that economic growth was sufficiently strong before raising interest rates, according to minutes of a June Fed policy meeting, at which Greece's debt crisis was cited as a serious concern. The minutes from the June 16-17 meeting show how the central bank continues to cope with its plan to raise interest rates later this year, in the wake of mixed economic data domestically and market turmoil gathering steam abroad. The minutes underscored the view that a Fed rate hike would likely have to wait until at least September.
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