Oil Extends Losses For Fifth Day, Gold Plummets
ICM Brokers | May 20, 2015 02:10AM ET
CL
Oil prices fell more than 3 percent on Tuesday, with U.S. crude extending losses for a fifth straight day, as the dollar rallied amid evidence that the United States and top oil exporter Saudi Arabia were pumping more than the world needed. Saudi Arabian oil minister Ali al-Naimi said the kingdom pumped 10.3 million barrels per day in March, slightly above its previous record high of 10.2 million bpd in August, 2013. Saudi Arabia, the world's largest exporter, also exported nearly 8 million bpd on the month, its highest level in nearly 10 years.
GOLD
Gold futures plummeted on Tuesday, experiencing its sharpest loss on the month, amid a stronger dollar and indications that the European Central Bank is likely to ramp up its quantitative easing program during the summer. In a report, U.S. Department of Commerce said that housing starts last month surged more than 20% for the month to 1.135 million, one of its highest on record. New residential construction for the month of April soared to its highest level since 2007, bolstered by a spike in multi-family starts. Meanwhile, a market moving comment from ECB member Benoit Coeure said that ECB will increase its purchase of European Asset-Backed Securities in May and June to offset a seasonal lack of liquidity.
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