Crude futures conquered $88 per barrel for the first time in four weeks today, as a solid day in the equities market fueled hopes for healthier energy demand. By the close -- and ahead of tomorrow's weekly inventories report from Uncle Sam -- November-dated oil futures tacked on $1.96, or 2.3%, to end at $88.34 per barrel.
On the other hand, gold futures plummeted as lackluster GDP data from China -- one of gold's top consumers -- weighed on expectations for demand. Furthermore, a strengthening greenback also pressured gold, spooking foreign-currency holders from the dollar-denominated asset. Against this backdrop, December-dated gold futures gave up $23.80, or 1.4%, to end at $1,652.80 an ounce.
Levels to Watch in Trading:
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Recent XIV Action May Bode Well for Bulls
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