Crude-oil futures tallied a second day of losses, slipping even deeper below the century mark. Both easing tensions surrounding an Iranian oil embargo and the anxieties brought on by potential debt downgrades for EU members were a drag on the commodity. The euro suffered in the process, buoying the dollar and firming a defeat for black gold. By the close, February-dated crude dipped 40 cents, or 0.6%, to $98.70 a barrel. For the week, crude is down 2.8%.
Likewise, gold futures halted their three-day win streak today. As the possibility for ratings cuts loomed, investors shied away from the euro and headed toward the reinforced greenback. Against this backdrop, gold for February delivery dropped $16.90, or 1.03%, to settle at $1,630.80 an ounce. However, the commodity ended the week 0.9% higher, and has added about 4% so far this year.
Levels to Watch in Trading:
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Recent XIV Action May Bode Well for Bulls
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