Oil traded near the lowest level in three weeks before a government report that may show fuel stockpiles increased last week in the U.S., the world’s biggest crude consumer. Futures were little changed after dropping a fifth day yesterday, the longest streak of declines since October. U.S. distillate supplies, a category that includes diesel and heating oil, probably rose for a second week while gasoline inventories reached the highest level since April. We may see some rhetoric come out of OPEC that will support prices but I don’t think they will change the quota. Crude for January delivery was at $85.52 a barrel.
GOLD
Gold dropped for the first time in four days as some investors sold the metal after prices climbed to a one-week high amid speculation the U.S. Federal Reserve will expand monetary stimulus to boost the economy. Spot gold fell as much as 0.3 percent to $1,708.60 an ounce. The Fed may consider expanding purchases of assets after its so-called Operation Twist of swapping $45 billion a month in short-term Treasurys for long- term debt expires this month.
Gold increased 9.3 percent this year as investors sought a haven from weakening currencies after central banks around the world took steps to spur growth. Much will hinge on the FOMC and its decision on what to do once Operation Twist comes to an end. Momentum is on the side of the market. The next test for gold will be whether it can break $1,721 resistance. Gold for February delivery slipped 0.3 percent to $1,709.80 an ounce.
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US Fuel Stockpiles Increase, Gold Drops After 4-Day Rise
Published 12/11/2012, 03:01 AM
Updated 04/25/2018, 04:40 AM
US Fuel Stockpiles Increase, Gold Drops After 4-Day Rise
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