Oil Turns Lower, Gold Plummets
ICM Brokers | Jun 23, 2015 02:07AM ET
CL
Crude oil prices turned lower on Monday, giving up early gains as investors nervously eyed last ditch talks in Brussels aimed at reaching a deal to unlock bailout finds for Greece in time to avoid a default. Oil prices initially gained ground after the Greek government submitted a new package of economic reforms to its creditors, indicating that it is prepared to make concessions to break a deadlock to unlock bailout funds. Meanwhile, oversupply concerns remained a factor for oil markets. Worries over high domestic U.S. oil production, despite a declining rig count, have weighed on prices in recent weeks.
GOLD
Gold futures plummeted on Monday experiencing their worst one-day decline in more than three weeks, amid increased optimism of a breakthrough in longstanding Greek Debt negotiations. In Brussels, Greece presented a broad, comprehensive proposal to its international creditors, which reportedly included concessions on early retirement and Value Added Taxes on electricity. Meanwhile, closings on existing houses which usually occur a month or two after a contract is signed, rose 5.1 percent to a 5.35 million annualized rate, the National Association of Realtors said Monday. First-time buyers accounted for 32% of purchases during the month, matching the highest share since September 2012.
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