Oil Futures Rose Wednesday While Gold Prices Fell
ICM Brokers | Mar 05, 2015 03:12AM ET
Crude Oil
U.S. oil futures rose on Wednesday as OPEC member Iran stressed that it opposed a timeline for a freeze on nuclear activities, news that helped crude rebound from an early slide. Oil prices slid after U.S. Energy Information Administration said in its weekly report that crude oil inventories rose 10.3 million barrels last week, more than double the build forecast by analysts. It was the eighth straight week of record highs for total inventories. Within two hours of that data, prices rebounded after Tehran's ambassador to the International Atomic Energy Agency, Reza Najafi, said no deal had been reached on the duration of any possible agreement covering Iran's nuclear program.
GOLD
Gold prices slid down toward $1,200 on Wednesday during a lightly-traded session, hours after India unexpectedly cut its benchmark interest rate. India's central bank lowered its interest rate 0.25% to 7.5%, marking its second rate cut in months. Meanwhile, gold shook off after data showed that U.S. non-farm private employment rose less than expected in February. Payroll processing firm ADP said non-farm private employment rose by 212,000 last month, below expectations for an increase of 220,000. The economy created 250,000 jobs in January, whose figure was upwardly revised from a previously reported 213,000.
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.