Oil And Gold Analysis: November 29, 2013
ICM Brokers | Nov 29, 2013 02:05AM ET
CL
Crude traded near the lowest price in almost six months, as crude stockpiles climbed for a 10th week in the U.S. and production rose. Crude was little changed in New York after declining 1.5 percent yesterday, the most in two weeks. Crude inventories climbed by 2.95 million barrels to 391.4 million, the highest level since June, Energy Information Administration data show. Supplies were forecast to increase by 750,000 barrels, crude was little changed.
GOLD
Gold gained for the first time in three days in London as a weaker dollar increased demand for the metal as an alternative investment. Dollar Index, which tracks the greenback against 10 currencies, fell as much as 0.2 percent. Data showed this week that China’s net gold imports from Hong Kong reached the second-highest level on record in October. The nation’s gold demand surged this year after supply rose and prices fell amid investor sales from bullion-backed exchange-traded products, Macquarie Group Ltd. said in a report today. Gold was little changed to 1245.
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