Crude Dips Ahead Of China Manufacturing Survey, Gold At 6-Week Low
ICM Brokers | May 04, 2015 03:17AM ET
CL
Crude oil dipped in early ahead of a closely watched manufacturing survey in China and in holiday-thinned trade.U.S. Oil rose almost 21% in April due to mounting expectations that U.S. shale oil production has peaked and may start falling in the coming months amid an ongoing collapse in rigs drilling for oil. While crude rose to the highest levels of the year on Friday, before turning modestly lower as investors cashed out of the market to lock in gains from a recent rally.
GOLD
Gold prices ended Friday's session at a six-week low as traders monitored the direction of the dollar while speculating on the timing of a Federal Reserve rate hike. The dollar regained ground on Friday amid signals that the U.S. economy may be stabilizing after a recent bout of weakness. U.S. Consumer Sentiment rose slightly for April, as the University of Michigan's Consumer Survey Index gained several points to 95.9, up from a reading of 93.0 in March.
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