GOLD
Gold
scaled higher on Friday, moving further away from a four-month low, as the euro
rose on signs of progress in debt-hit Greece's efforts to secure fresh funding. But
weak physical demand in top consumers China and India capped price gains, with gold
still sold in India at a discount to the global benchmark.
CRUDE OIL
Crude oil sank on Friday as traders were still digesting
the data that showed an unexpected increase of US oil inventories. Stockpiles of crude were up
2.4 million to 465.4 million barrels last week instead of falling
by 1.9 million as analysts had predicted. Moreover, the number
of US oil rigs increased by 12 to 640 this week
after 29 consecutive weeks of decline. August futures for delivery
of WTI crude oil slumped 2.48 percent to $55.52 per barrel
as of 22:11 GMT on NYMEX today. Contract for Brent
crude tumbled as much as 2.82 percent to $60.32 per barrel
on ICE.
NATURAL
GAS
Natural gas demonstrated losses
as well even though yesterday’s supply report from
the Energy Information Administration was relatively supportive
for the commodity. The EIA reported that US reserves of gas
increased by 69 billion cubic feet, trailing analysts’ forecast
of an increase by 74 billion. Still, futures for natural
gas slid 1.84 percent to $2.77 per million British thermal units
on NYMEX today.
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