Crude oil.
Crude oil futures quotations rose on Tuesday, interrupted the three-days falling line.
The market participants were waiting for some surprises, which the U.S. crude oil reserves data could bring.
According to the trading results at the New York Commodity Exchange the December sweet crude oil futures ticked up by 87 cents or by 1.1% to 79.55 USD per barrel. Brent oil futures rose in price by 66 cents or by 0.9% to 77.92 USD per barrel.
During last two weeks the U.S. crude oil reserves data supported the price increase because it had shown more shrink of gasoline stock. In spite of a large oil stocks the prices still can rise, if the refinery’s plants continue to maintain a low capacity usage due to the threat of low profit. This can lead to much decrease of gasoline stocks.
On Tuesday evening the American Petroleum Institute reported that the oil stocks in the USA shortened by 3.532 million barrels in the last week and refining capacity usage increased by 0.3 percentage points. The gasoline stocks dropped by 255 000 barrels and distillate stocks fell by 671 000. The oil prices reacted with a reflectory growth on the report about the oil stocks reduction, however, the December futures remained lower the level of 80 USD per barrel.
Stock markets also supported prices . Dow Jones Industrial Average index grew up amid the trading results by 14.21 points to 9882.17. In spite of the uncertain consumer confidence, the demand for risky assets, such as shares and oil was remained at the markets.
Gold.
On Tuesday gold futures turned out to be under the pressure on the back of the dollar\'s growth and technical factors, and at the end they continued their growth, started at the previous session.
According to the trading results of COMEX the December gold futures quotations dropped by 7.40 dollars to 1035.40 dollars per ounce.
Gold prices often move in backward direction with the American currency, because this metal is listed as the hedging tool from risks connected with the dollar and in a more comprehensive sense as an alternative currency.
In addition, the consumer confidence data, turned out to be weaker than it was expected, exerted the pressure on prices.
Regards,
Analyst: Vladimir Donin.
