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Oil Drops After Greece Rejects Austerity Measures, Gold Rises

Published 07/06/2015, 02:53 AM
Updated 04/25/2018, 04:40 AM

CL
Oil prices fell sharply on Monday after Greece rejected austerity measures demanded in return for bailout money and as China rolled out an unprecedented series of steps to prevent a full-blown stock market crash. Meanwhile, U.S. drilling increased for the first time after 29 weeks of declines, data showed on Thursday, the strongest sign yet those higher crude prices are coaxing producers back to the well pad.

Oil 4-Hour Chart

GOLD
Gold rose as policy makers set the stage to react to any fallout from the Greek vote at the weekend rejected the bailout terms from international creditors. Last week, gold stabilized on Friday, recovering from three-and-a-half month lows as the dollar slid lower in holiday thinned trade and investors remained wary ahead of a critical weekend referendum in Greece.

Gold 4-Hour Chart

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