Crude futures closed lower for a second straight session, tumbling on reports that the U.S. and U.K. are in talks to release strategic oil reserves. White House spokesman Jay Carney later denied that any formal agreement had been reached, but the speculation was more than enough to outshine today's upbeat economic data, pushing black gold to a one-month low of $103.78 in intraday action. By the time the dust settled, however, April-dated oil pared its loss to 32 cents, or 0.3%, to rest at $105.11 per barrel.
On the other hand, gold futures were able to put an end to their three day sell-off, as the dollar's recent rally fizzled out. Gold was also supported by bargain hunters, after the commodity slumped to an eight-week closing low in the previous session. By the close, gold for April delivery added $16.60, or 1%, to settle at $1,659.50 an ounce.
Levels to Watch in Trading:
At the end of every market day, the staff at Schaeffer's Investment Research reviews the trading day in detail, covering major events and key market developments. Don't miss this critical, timely and insightful report. If you enjoyed today's edition of Market Recap, sign up here for free daily delivery straight to your inbox.
Why OIH Is Finding Key Support at $52
Featured Partners: AOL DailyFinance
© 2014 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242
Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: firstname.lastname@example.org
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.