Crude futures closed higher today, thanks in part to a well-received report on domestic unemployment claims. This news helped the euro gain ground on the greenback, providing a boost for dollar-denominated commodities. Meanwhile, concerns about potential supply disruptions from Iran continue to support black gold, particularly after today's inventories report showed a steeper-than-forecast drawdown in gasoline stockpiles. By the close, crude oil for April delivery added $1.55, or 1.5%, to settle at $107.83 per barrel -- the contract's latest nine-month high.
Weakness in the dollar was also a boon for gold futures, with the precious metal finding a new year-to-date high in today's trading. Gold for April delivery ended the day up $15, or 0.9%, at $1,786.30 per ounce -- its loftiest perch since Nov. 15.
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.
The Case for Big Moves in IWM and QQQ
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: email@example.com
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.