Oil Futures Rose To Highest Levels Of Session On Wednesday
ICM Brokers | Oct 30, 2014 02:02AM ET
Crude Oil
West Texas Intermediate oil futures rose to the highest levels of the session on Wednesday, after data showed that oil supplies in the U.S. increased less than expected last week, while gasoline supplies fell more than forecast. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 2.1 million barrels in the week ended October 24, below expectations for a gain of 3.4 million barrels. Total U.S. crude oil inventories stood at 379.7 million barrels as of last week. Crude oil prices eased marginally in Asia on Thursday as the end of the Federal Reserve's bond buying program brought strength to the dollar.
GOLD
Gold prices traded lower on Wednesday as investors avoided the yellow metal ahead of the Federal Reserve's statement on monetary policy and interest rates. The Federal Reserve on Wednesday ended its monthly bond purchase program and dropped a characterization of U.S. labor market slack as "significant" in a show of confidence in the economy's prospects. Gold prices held steady to weaker early Thursday in Asia as investors took note of the Federal Reserve's confidence on economic growth in the United States.
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