Oil: Speculation Rising Global Supplies More Than Enough To Meet Demand
ICM Brokers | Oct 27, 2014 02:26AM ET
Crude Oil
West Texas Intermediate futures ended Friday's session lower, amid speculation rising global supplies will be more than enough to meet slowing demand. Concerns over weakening global demand combined with indications that the Organization of the Petroleum Exporting Countries will not cut output to support oil markets have weighed on prices in recent weeks. Crude oil for delivery in December slumped $1.08, or 1.32%, on Friday to end the week at $81.01 a barrel. Crude oil prices eased in early Asian trade on Monday on better than expected results from stress test exercises for European banks.
GOLD
Gold held losses from a six-week high as investors expected the Federal Reserve to end its bond-buying program this week and most European banks passed a test of their ability to weather a crisis, paring haven demand. Gold tacked on $2.70, or 0.22%, to settle at $1,231.80 a troy ounce by close of trade last Friday. Despite Friday's upbeat performance, gold prices lost $7.20, or 0.58%, on the week, the first weekly decline in three weeks. A recent batch of stronger than expected U.S. economic data indicated that the economic recovery maintained momentum and underlined speculation that the Federal Reserve could hike interest rates sooner than expected.
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.