Crude Prices Up After US Stocks Showed A Drop, Gold Moves Higher
ICM Brokers | May 06, 2015 05:34AM ET
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Crude oil prices were up after industry data on U.S. stocks showed a drop. The American Petroleum Institute said that crude oil stocks in the U.S. fell 1.5 million barrels last week. Meanwhile, U.S. dollar index was down 0.1% to trade at 95.48. The dollar turned lower after official data showed that the U.S. trade deficit widened 43% to $51.37 billion in March, the highest level since 1996, as exports edged up 0.9% and imports surged 7.7%.
GOLD
Gold moved slightly higher on Tuesday as the dollar weakened amid a soft batch of U.S. economic data. Gold rose 6.20 or 0.52% to 1,193 an ounce, inching closer to the $1,200 level. Meanwhile, U.S. dollar index was down 0.1% to trade at 95.48. The dollar turned lower after official data showed that the U.S. trade deficit widened 43% to $51.37 billion in March, the highest level since 1996, as exports edged up 0.9% and imports surged 7.7%.
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