Crude Futures Surge, Gold Finishes Lower On Tuesday
ICM Brokers | Jun 24, 2015 03:14AM ET
CL
Crude futures surged on Tuesday extending gains from one session earlier in spite of a stronger dollar, as traders looked ahead to weekly data on U.S. stockpiles of crude and refined products. The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles fell by 1.8 million barrels in the week ended June 19.
GOLD
Gold futures finished lower Tuesday, as the dollar enjoyed its highest one-day gain in nearly a month amid continuing optimism regarding a deal in longstanding Greek debt negotiations and a bundle of mixed economic data. Gold had trimmed losses in the immediate wake of data released early Tuesday showing that U.S. durable-goods orders fell more than expected in May. Weaker data could see the Fed delay delivery of its first interest-rate hike in nearly 10 years. On the other hand, durables data were offset by comments by Federal Reserve Board Gov. Jerome Powell, who said there was a 50-50 chance of a September rate hike, which in turn also helped to boost the dollar.
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