CL
Crude futures plunged on Wednesday reversing it after data showed that oil supplies in the U.S. fell for the fifth consecutive week last week. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 1.9 million barrels in the week ended May 29, compared to expectations for a drop of 1.7 million barrels. Meanwhile, crude oil futures decline further; on amid growing speculation the Organization of Petroleum Exporting Counties will keep production levels unchanged when it meets on Friday, despite ongoing concerns over ample global supplies. Oil's losses accelerated after a senior Gulf OPEC delegate said that there is "consensus" among Gulf OPEC countries and others, to keep the output levels unchanged above 30 million barrels per day.
GOLD
Gold prices fell to the lowest levels of the session on Wednesday, after a batch of upbeat data bolstered the case for a U.S. interest rate hike this year. The Commerce Department said that the U.S. trade deficit narrowed by 19.2% in April to $40.88 billion from a deficit of $50.57 billion in March. Analysts had expected the U.S. trade deficit to narrow to $44.0 billion in April. On the other hand, the report came after payroll processing firm ADP said non-farm private employment rose by 201,000 in May, just above expectations for an increase of 200,000. The economy created 165,000 jobs in April.
