Oil And Gold: October 16, 2014
ICM Brokers | Oct 16, 2014 03:29AM ET
Crude Oil
West Texas Intermediate and Brent oil prices stabilized on Wednesday, one day after posting their worst daily loss in three years amid concerns over the outlook for global demand. Crude prices stabilize after Tuesday's 4% plunge Crude oil futures trade near multi-month lows ahead of U.S. supply data. Crude's losses came after the International Energy Agency cut its forecast for global oil demand for the fourth month in a row on Tuesday. The agency said it now expected global oil demand for 2014 to total 92.4 million barrels a day, down 200,000 barrels per day from its September report, amid ample global supplies and slowing demand in the U.S., China and Europe. Global supplies have far outpaced demand in recent months, sparking speculation among traders about whether the Organization of the Petroleum Exporting Countries would lower production to prop up prices.
Gold
Gold futures rose on Wednesday on safe-haven demand after weak U.S. indicators sent U.S. stocks and the dollar dropping earlier. Gold gains as dollar, U.S. stocks drop on soft data Gold rises as soft U.S. data push down dollar, U.S. stocks. The Census Bureau reported earlier that U.S. retail sales fell 0.3% last month, exceeding forecasts for a 0.1% decline, after expanding 0.6% in August. Core retail sales, which exclude motor vehicles and parts, dropped 0.2% in September, defying expectations for a 0.3% gain, after rising 0.3% the previous month. A separate report showed that U.S. producer price inflation slipped 0.1% in September, disappointing expectations for a 0.1% rise, after a flat reading in August. September's year-on-year PPI rose 1.6%, missing expectations for a 1.8% gain. Elsewhere, the Federal Reserve of New York reported that its manufacturing index tumbled to a six-month low of 6.2 in October from 27.5 in September. Analysts had expected the index to tick down to 25.5 this month.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.