A surprise surge in weekly inventories pushed crude futures lower in today's session. The Energy Information Administration (EIA) reported a 7.1 million-barrel rise in stockpiles -- which was the largest weekly jump since July 2010, pushing inventories to a seven-month peak. Black gold also took a hit on word that several nations -- including France, the U.K, and the U.S. -- are discussing a possible release of strategic oil reserves to counteract rising fuel costs. Crude oil for May delivery pulled back $1.92, or 1.8%, to settle at $105.41 a barrel.
Gold futures continued their fall today, pulling back from newfound pressure at the $1,700 mark. The dollar-denominated commodity dropped, as the greenback held steady against some of its key foreign rivals. April-dated gold sawed off $27, or 1.6%, to land at $1,657.90 an ounce.
Levels to Watch in Trading:
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Recent XIV Action May Bode Well for Bulls
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