Oil And Gold: November 28, 2014
ICM Brokers | Nov 28, 2014 12:51AM ET
CL
Crude oil fell to a four-year low after OPEC kept its oil production unchanged, OPEC maintained its collective ceiling of 30 million barrels a day, Ali Al-Naimi, Saudi Arabia’s oil minister, said after the group’s meeting in Vienna. The plunge in oil this year has pulled Oil & Gas Index down 8.9 percent, weakened currencies of commodity-producing nations and damped inflation, helping fuel a rally in fixed-income assets. West Texas Intermediate crude tumbled 6.3 percent to $69.05 a barrel, and Brent fell to the lowest since 2010.
GOLD
Gold fell to the lowest level in a week as assets in the largest exchange-traded product backed by the metal shrank to the smallest in more than six years. Gold rose to $1,207.93 on Nov. 21, the highest since Oct. 30, after China joined Japan and Europe in taking steps to spur growth. The metal is on course to snap two months of losses as central banks around the world ease monetary policy,
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