Oil Futures Sink To Multi-Month Low Thursday
ICM Brokers | Oct 20, 2014 02:33AM ET
Crude Oil
Crude oil futures ended Friday's session modestly higher, as investors returned to the market to seek cheap valuations in wake of recent losses and to close out bets on lower prices. Crude oil futures - weekly outlook: October 20 - 24 Crude oil futures plunge on global demand concerns On the New York Mercantile Exchange, crude oil for delivery in November inched up 5 cents, or 0.06%, on Friday to end the week at $82.75 a barrel. Crude oil futures sank to multi-month lows on Thursday as concerns over the global economic outlook and the impact on future demand prospects dampened the appeal of the commodity. London-traded Brent prices have fallen nearly 26% since June, when it climbed near $116, while WTI futures are down almost 23% from a recent peak of $107.50 in June. Indications that the Organization of the Petroleum Exporting Countries will not cut output to support oil markets have weighed on prices. Kuwait lowered official selling prices to Asian buyers in an effort to retain its market share last week, following similar moves from core OPEC members Saudi Arabia, Iraq and Iran.
GOLD
Gold futures ended Friday's session modestly lower as market sentiment stabilized, although prices still posted a weekly gain as concerns over the global economic outlook boosted safe-haven demand. U.S. and European stock markets rallied on Friday, following steep losses and massive intraday swings over the past five days, sparked by concerns about global economic weakness and fears over the spread of Ebola. The S&P 500,Dow Jones and the tech-heavy NASDAQ all gained more than 1% on Friday, while Germany's DAX surged more than 3%. Meanwhile, investors continued to speculate over the timing of a rate hike in the U.S. after a report showed that the University of Michigan’s consumer sentiment index unexpectedly rose to 86.4 in October, the most since July 2007. Another report showed that housing starts rose more than expected last month, bolstering the outlook for the sector. Gold prices rallied to a five-week high on Wednesday amid speculation weaker than expected global economic growth and its effect on the U.S. economy may lead the Federal Reserve to push back interest-rate increases.
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