Oil And Gold Analysis: Crude Fluctuates, Gold Falls
ICM Brokers | Aug 06, 2013 05:29AM ET
Crude fluctuated on speculation Libyan production will increase while a report showed that U.S. service industries expanded at the fastest pace in five months in July. Crude swung between losses and gains as Libyan Oil Minister Abdulbari Al-Arusi said at a press conference in Tripoli that the country, holder of Africa’s largest crude reserves, should pump 800,000 barrels a day next month from a current 700,000. The Institute for Supply Management’s U.S. non-manufacturing index increased to 56 in July from 52.2 the prior month, a report from the Tempe, Arizona-based group showed today.
GOLD
Gold fell for the fifth straight session, capping the longest slump since May, as a stronger dollar crimped demand for the precious metal as an alternative investment. The Fed said last week it would maintain its $85 billion monthly bond-buying program while warning that persistently low inflation could hamper the economic expansion.
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