CL
Intermediate oil prices fell sharply on Friday, as concerns over slowing demand and ample supplies combined with a rally in the dollar weighed. For the week, New York-traded oil futures lost $3.61, or 7.21%, the biggest weekly decline in six weeks. The U.S. Energy Information Administration said Thursday that U.S. crude oil inventories rose by 10.1 million barrels last week, the biggest weekly gain since March 2001. Total U.S. crude oil inventories stood at 397.9 million barrels, the highest level since May. Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose to more than 11-year highs of 95.77 on Friday, before trimming gains to end at 95.32, up 0.69% for the day and 2.33% higher for the week. A stronger U.S. dollar usually weighs on oil, as it makes dollar-priced commodities more expensive for holders of other currencies.
GOLD
Gold prices gained in early Asia on Monday after the anti-austerity Syriza party looked set to implement new policies that could sour relations with the country's creditors. Greece's likely new prime minister, Alexis Tsipras, said Sunday that he will not clash with the country's creditors but repeated that an end to austerity measures and an abolition of the Troika remain the party's goals. Tsipras, according to press reports, said his government will present creditors its own four year fiscal adjustment plan that will replace the existing one drafted by the previous government of Antonis Samaras. He also said the new government will present its own plan for public debt sustainability. Last week, gold edged lower on Friday, as a broadly stronger U.S. dollar prompted investors to book profits from a recent rally which took prices to the highest level in more than five months.
