Oil And Gold Analysis: November 21, 2014
ICM Brokers | Nov 21, 2014 01:41AM ET
Crude Oil
West Texas Intermediate oil prices rose to the highest levels of the session on Thursday, after data showed that manufacturing activity in the Philadelphia-region expanded at the fastest rate since December 1993 in November. Crude oil for delivery in January tacked on 67 cents, or 0.9%, to trade at $75.17 a barrel. Oil prices were lower earlier in the session as concerns over the global economy mounted following the release of disappointing manufacturing data out of China and the euro zone. Meanwhile, in China, data showed that China’s preliminary HSBC manufacturing index slumped to a six-month low of 50.0 in November from 50.4 in October and below forecasts for 50.3.
Gold
Gold prices remained lower on Thursday, after data showed that the number of Americans filing new claims for unemployment benefits fell less than expected last week and that consumer prices were unchanged in October. Gold lost $1.60, or 0.13%, to trade at $1,192.30 a troy ounce during U.S. morning hours. The U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending November 15 decreased by 2,000 to 291,000 from the previous week's revised total of 293,000. Expectations of higher borrowing rates going forward is considered bearish for gold, as the precious metal struggles to compete with yield-bearing assets when rates are on the rise.
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