Oil And Gold Analysis: Oil Falls Sharply, Gold Drop To 4-Month Low
ICM Brokers | Mar 11, 2015 05:14AM ET
CL
Crude oil prices fell sharply on Tuesday amid upward revisions of domestic production in the U.S. and reports that a potential emergency OPEC meeting will not arrange. The continuing slide transpired as the U.S. Energy Information Administration revised its forecasts for total domestic oil production from 9.3 million barrels a day to 9.35. The upward revision came one day after the EIA found that shale field production nationwide had reached its lowest level in four years. Expectations of increased fourth quarter production in the Gulf of Mexico should outweigh the production decline in shale fields, the EIA added.
Gold
Gold prices dipped to a four-month low on Tuesday, as the U.S. dollar reached a 12-year high triggering a massive sell-off on global markets.
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