Crude futures ended a wishy-washy session in the black, extending their quest for eight-month highs. Escalating tensions between Iran and the West continued to fuel supply concerns, thanks to a report that European Union (EU) leaders agreed in principle to an embargo on Iranian oil imports. Against this backdrop -- and ahead of tomorrow's holiday-delayed inventories report -- February-dated crude futures tacked on 26 cents, or 0.3%, to finish at $103.22 per barrel.
Gold futures also continued their climb today, as the aforementioned threat of oil disruptions from Iran and lingering concerns about European debt bolstered the malleable metal's safe-haven appeal. By the close, gold for February delivery added $12.20, or 0.8%, to end at $1,612.70 an ounce -- the front-month contract's best finish since Dec. 21.
Levels to Watch in Trading:
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Recent XIV Action May Bode Well for Bulls
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