Oil Drops, Halting 2-Day Rally, Gold Falls To 2-Week Low
ICM Brokers | Jun 25, 2015 03:25AM ET
CL
Crude futures dropped considerably on Wednesday halting a two-day rally, after a continued decline in U.S. crude inventories. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 4.9 million barrels in the week ended June 19. Market analysts' expected a crude-stock fall of 2.1 million barrels, while the American Petroleum Institute late Tuesday reported a decline of 3.2 million barrels.
GOLD
Gold futures fell to its lowest level in more than two weeks extending losses from earlier this week amid a relatively flat dollar, stalled progress in Greek debt talks and revised estimates of contractions in the U.S. economy in the first quarter. While the U.S. Department of Commerce's Bureau of Economic Analysis upgraded its estimate of GDP growth for the first quarter from an initial projection of negative 0.7%, its second revision released on Wednesday still estimated negative growth at an annual rate of 0.2%. The decrease in real GDP in the first quarter primarily reflected negative contributions from exports, nonresidential fixed investment, and state and local government spending, the BEA said in a statement.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.