Oil Edges Higher, Gold Climbs To New Session High
ICM Brokers | May 21, 2015 03:03AM ET
CL
Crude futures edge higher on Wednesday, amid decreasing U.S. stockpiles and slowing production, which helped ease longstanding concerns of oversupply. US crude oil inventories keep falling after data from the Energy Information Administration showed on Wednesday that commercial crude inventories fell by 2.7 million barrels in the week that ended May 15. Inventories fell by 2.19 million barrels in the prior week, which was a slowdown from the previous period. This week's decline brought the total to 482 million barrels, and oil inventories are still at 80-year highs.
GOLD
Gold rose on Wednesday, briefly climbing to a new session high as the dollar pared its gains after U.S. Federal Reserve minutes showed policy makers believed it would be premature to raise interest rates in June, even though most felt the U.S. economy was set to rebound from a dismal start to the year, according to minutes from their April policy meeting released on Wednesday. The central bank debated whether a slew of disappointing data, including weak consumer spending, signaled a temporary slump or evidence of a longer-lasting slowdown, with most participants agreeing economic growth would climb to a healthier pace and the labor market would strengthen. Many participants, however, thought it unlikely that the data available in June would provide sufficient confirmation that the conditions for raising (interest rates) had been satisfied, the minutes said.
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