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Crude oil futures recovered from earlier losses in volatile trade on Thursday, but gains were likely to remain limited amid ongoing fears over a glut in global supplies. Meanwhile, inventories of U.S. crude were already at record highs for the week ended Jan. 23, according to government data issued on Wednesday. Last week's build alone was almost 9 million barrels, taking stockpiles to nearly 407 million, the highest level since the government began keeping such records in 1982.
GOLD
Gold fell to a one-week low on Thursday, after data showed that the number of people who filed for unemployment assistance in the U.S. last week fell to the lowest level since 2000, fuelling optimism over the strength of the labor market. In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending January 24 decreased by 43,000 to 265,000 from the previous week’s total of 308,000. Analysts had expected initial jobless claims to decline by 8,000 to 300,000 last week.
