Crude Oil
Oil prices plunged on Wednesday after data revealed U.S. inventories rose more than three times markets were expecting, stoking growing concerns that the global market is awash in crude. Crude drops on bearish U.S. supply report Crude drops as U.S. stockpiles shoot up In the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in December traded down 1.50% at $81.25 a barrel during U.S. trading, up from a session low of $81.13 a barrel and off a high of $83.13 a barrel. The December contract settled up 0.71% at $82.49 a barrel on Tuesday. Support for the commodity was seen at $80.78 a barrel, Monday's low, and resistance at $83.26 a barrel, Tuesday's high. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 7.1 million barrels in the week ended Oct. 17, far outpacing expectations for a gain of 2.7 million barrels. Total U.S. crude oil inventories stood at 377.7 million barrels as of last week.
GOLD
Gold prices fell on Monday after a solid U.S. inflation report confirmed market sentiments for the Federal Reserve to close its bond-buying program this month and hike interest rates next year, which fueled demand for the dollar. Gold slides on solid U.S. inflation report Gold falls as dollar climbs on solid U.S. consumer price index, ECB stimulus weighs. The Labor Department reported earlier that U.S. consumer price index rose 0.1% in September, meeting estimates and following a 0.2% decline in August, which sent investors flocking to the greenback. Year-over-year, consumer prices rose 1.7% in September, beating expectations for a 1.6% reading. Core consumer prices, which exclude food and energy costs, rose 0.1% in September, disappointing expectations for a 0.2% gain. Core consumer prices were flat in August, though the overall report confirmed market expectations for the Federal Reserve to make monetary policy less accommodating going forward. Prices didn't plummet, however, as expectations for the European Central Bank to loosen policy bolstered the commodity's safe-haven appeal.
