West Texas Intermediate oil futures turned lower on Wednesday, after data showed that oil supplies in the U.S. increased unexpectedly last week. Crude oil for delivery in January traded at $74.49 a barrel during U.S. morning hours, down 15 cents, or 0.2%. Prices were around $74.73 a barrel prior to the storage report. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 2.6 million barrels in the week ended November 14, compared to expectations for a decline of 0.8 million barrels. Total U.S. crude oil inventories stood at 381.1 million barrels as of last week.
GOLD
Gold prices fell in U.S. trading on Wednesday as investors bet the Federal Reserve remains on track to raise interest rates some time in 2015, as only the timing of a move to tighten policy is still up in the air. Gold futures for December delivery were down 0.96% at $1,185.60, up from a session low of $1,174.90 and off a high of $1,201.70. The Fed will release the minutes of its October policy meeting, at which it ended its bond-buying program in a widely expected decision, later in the session. Gold prices showed little reaction to mixed U.S. housing data released earlier. However, the number of building permits issued last month jumped 4.8% to 1.080 million, the most since June 2008.
