CL
Oil prices moved higher on Wednesday as Saudi Arabia's oil minister calmed markets with reassuring comments on global oil demand and U.S. data indicated that oil supply in the nation reached its highest level ever. Prices were around $48.95 a barrel just before the release of inventory data. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 8.4 million barrels last week. The increase more than doubled its forecasts of a 4.0 million barrel weekly spike. The prices surged after Saudi Arabian oil minister Ali al-Naimi told reporters on Wednesday that oil markets have settled down after a prolonged period of volatility late last year. It marked the minister's first public comments since he said that Saudi Arabia would not abandon its oil pricing strategy even if brent oil dropped to $20 a barrel.
GOLD
Gold remained in positive territory on Wednesday, after data showed that the U.S. new home sales fell less than expected in January, easing concerns over the health of the housing sector. Meanwhile, the yellow metal remains supported after Federal Reserve Chair Janet Yellen said the central bank would not hike rates for the next few meetings.
