Wednesday, 16 September 2015

Today Gold And Crude oil Update

Oil prices extended gains in early trading in Asia on Wednesday after US prices were boosted by a stockpile draw, while a warning by OPEC producer Iraq that it may slow spending on new fields pushed up international crude contracts.
 US crude futures rose after industry group the American Petroleum Institute (API) reported a 3.1 million-barrel crude drawdown last week, versus analyst expectations for a build. 
A surge in American gasoline prices was also supportive. Outside the United States, international crude contracts rose on reports that Iraq has told foreign companies developing the country's southern oilfields that they may need to slash development spending next year because it has less money to pay them due to a slump in crude prices.

Gold struggled to break out of a tight range near its one-month low on Wednesday, as investors waited to hear on the outlook of US interest rates from a Federal Reserve policy meet that kicks off later in the session. 
 * Spot gold eased 0.1 percent to USD 1,103.95 an ounce by 0037 GMT. The metal has not made any significant move this week, after dropping to a one-month low of USD 1,098.35 last week.
 * US gold GCcv1 was little changed at USD 1,103.30. 
* Traders are waiting to see if the US central bank will raise rates this week for the first time in nearly a decade.
 * The Fed will begin its much awaited two-day policy meeting on Wednesday, with a statement expected on Thursday. 
* The uncertainty over the timing of a rate hike has weighed on gold all year, sending it down over 6 percent. Higher rates could dent demand for non-interest-paying bullion, while boosting the dollar. 
* Data on Tuesday showed US consumer spending grew at a fairly healthy pace over the past two months, pointing to underlying strength in domestic demand that could strengthen the case for the Fed to hike interest rates on Thursday. 
* While other data showed continued weakness in manufacturing, economists said that was unlikely to have much impact on the US central bank's decision.

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1 comment:

  1. Epic Research says about crude that Industry group the API reported a 3.1 million-barrel crude drawdown last week, versus expectations for a build. We are including this type of information in our Commodity Tips.