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:
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 One Overseas Market That's Trending Higher in 2014
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.