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Crude oil futures slid lower on Thursday, as ongoing worries over high domestic U.S. oil production and despite a declining rig count, weighed. According to industry research group Baker Hughes (NYSE:BHI), the number of rigs drilling for oil in the U.S. fell by 4 last week to 631. The drop marks the 28th straight week of declines.
Gold
Gold futures inched down on Thursday extending a recent slump, amid strong U.S. consumption data and a lack of progress in Greek Debt negotiations. On Thursday morning, the U.S. Department of Commerce said consumer spending surged in May by 0.9%, the highest monthly gain in nearly six years and above expectations for a 0.7% rise. Bolstered by a 0.5% spike in personal income, the surge reflects an increase in consumer spending in auto purchases and retail goods. Elsewhere, initial jobless claims remained near historic lows even as the level increased by 3,000 last week to 271,000. More critically, the four-week average fell by 3,250 to 273,750 moving lower from monthly averages throughout the spring.
