Oil Moves Lower, Gold Hits 2 Week Low
ICM Brokers | May 28, 2015 03:00AM ET
CL
Crude futures moved lower on Wednesday, reaching a four-week lowest point, as investors awaited the release of weekly inventory data for a further gauge on global supply levels. Prices continued to fall as reports surfaced of a strategy by Iraq to flood the global markets with Iraqi crude in an effort to weaken U.S. shale sales. Iraq plans on outlining its strategy at next week's OPEC meeting in Vienna, in which it could announce its intentions of boosting exports by more than 25% from its current level. The strategy would release approximately 800,000 barrels per day onto global markets, increasing the total of Iraqi crude exports to a record 3.75 million barrels per day.
GOLD
Gold prices erased earlier gains to hit a fresh two-week low on Wednesday, amid positive developments in negotiations between Greece and its creditors, as well as the continued appreciation of the dollar.
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