Crude futures rose in early trading, bolstered by strong manufacturing data out of the euro zone and a well-received payrolls report from ADP. However, oil futures gave back their early gains after the Energy Information Administration (EIA) reported a bigger-than-forecast increase in domestic crude stockpiles. Not even a weaker U.S. dollar could bolster the commodity, as crude for March delivery dropped 87 cents, or 0.9%, to close at $97.61 a barrel. This marked crude's fourth straight losing session, as well as its lowest settlement in six weeks.
On the other hand, gold futures extended their gains today, settling at their highest point in more than eight weeks. Promising economic data from the U.S. and abroad applied pressure to the greenback, which lured foreign-currency holders to the dollar-denominated commodity. By the close, April-dated gold added $9.10, or 0.5%, to land at $1,749.50 an ounce.
Levels to Watch in Trading:
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