Crude futures snapped their five-session winning streak today, as escalating concerns about Europe's fiscal fate weighed on hopes for global energy demand. However, a bullish inventories report helped to ease the blow. Specifically, the Energy Information Administration (EIA) said domestic oil stockpiles fell by 1.4 million barrels last week, defying economists' expectations for a million-barrel surplus. Nevertheless, crude for December delivery finished with a loss of $1.10, or 1.1%, at $95.74 per barrel.
Gold futures also settled in the red today, ending lower for the first session in three. A rebounding greenback pressured the malleable metal downward, spooking foreign-currency holders from the dollar-denominated commodity. By the close, December-dated gold futures fell $7.60, or 0.4%, to end at $1,791.60 an ounce.
Levels to Watch in Trading:
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Recent XIV Action May Bode Well for Bulls
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