Crude futures bounced back with a vengeance today, rebounding to a three-month high on what appears to be a delayed reaction to yesterday's inventories report. Furthermore, a weaker greenback translated into a boon for black gold, luring foreign-currency holders to the dollar-denominated asset. By the close, December-dated oil added $2.04, or 2.1%, to end at $97.80 per barrel.
Gold futures, on the other hand, extended their downtrend to three straight days, marking the malleable metal's longest losing streak in almost a month. A rebound in the equities market weighed on gold, as traders shunned "safe havens" in favor of riskier assets like stocks. Against this backdrop, gold for December delivery gave up $32, or 1.8%, to finish at $1,759.60 an ounce.
Levels to Watch in Trading:
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Recent XIV Action May Bode Well for Bulls
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