Oil And Gold Analysis: Yemen Fighting Boosts Oil, Gold Spikes
ICM Brokers | Mar 26, 2015 05:22AM ET
CL
Oil settled up about 3 percent on Wednesday as a weak dollar, fighting in Yemen and speculative buying boosted crude prices in spite of U.S. inventories building to record highs for an 11th week. Fighting in Yemen raised concerns about the security of oil shipments from the Middle East. Analysts worry a proxy war might break out on the Arabian peninsula, home to the world's biggest oil fields, if the conflict draws in Saudi Arabia and rival Iran.
GOLD
Gold future prices spiked on Wednesday reaching a three-week high, as weak data on U.S. durable goods strengthened the case for delaying a potential interest rate hike. Gold futures had not reached that level since Mar. 6 when it experienced one of its sharpest one-day declines of the year, amid expectations of an imminent rate hike.
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