Crude Oil
U.S. oil futures rose on Wednesday as OPEC member Iran stressed that it opposed a timeline for a freeze on nuclear activities, news that helped crude rebound from an early slide. Oil prices slid after U.S. Energy Information Administration said in its weekly report that crude oil inventories rose 10.3 million barrels last week, more than double the build forecast by analysts. It was the eighth straight week of record highs for total inventories. Within two hours of that data, prices rebounded after Tehran's ambassador to the International Atomic Energy Agency, Reza Najafi, said no deal had been reached on the duration of any possible agreement covering Iran's nuclear program.
GOLD
Gold prices slid down toward $1,200 on Wednesday during a lightly-traded session, hours after India unexpectedly cut its benchmark interest rate. India's central bank lowered its interest rate 0.25% to 7.5%, marking its second rate cut in months. Meanwhile, gold shook off after data showed that U.S. non-farm private employment rose less than expected in February. Payroll processing firm ADP said non-farm private employment rose by 212,000 last month, below expectations for an increase of 220,000. The economy created 250,000 jobs in January, whose figure was upwardly revised from a previously reported 213,000.
