Crude Oil
West Texas Intermediate oil futures hit the lowest levels of the session on Monday, following the release of disappointing data on manufacturing activity in the New York-region. Crude oil for delivery in January lost 75 cents, or 0.99%, to trade at $75.07 a barrel. The Federal Reserve Bank of New York said that its general business conditions index increased to 10.2 this month from a reading of 6.2 in October. Analysts had expected the index to rise to 11.1 in November. Concerns over the global economic outlook were amplified after data showed that Japan's economy contracted by an annualized 1.6% in the third quarter, following a 7.3% decline in the previous quarter.
GOLD
Gold prices reversed earlier gains to trade mildly lower on Monday, as a short-covering rally which boosted futures to a two-week high earlier in the session lost momentum. Gold rose by as much as 0.7% earlier to hit a daily high of $1,193.60 a troy ounce, the most since October 29. A report showed that U.S. industrial production fell 0.1% last month, disappointing expectations for a gain of 0.3%. September's figure was revised to a 0.8% gain from a previously reported 1.0% increase. Gold prices are likely to remain vulnerable in the near-term amid indications a strengthening U.S. economic recovery will force the Federal Reserve to start raising interest rates sooner and faster than previously thought.
