Crude Oil
Crude futures shot up on Wednesday after data revealed U.S. inventories took a nosedive last week, while upbeat Chinese growth figures also bolstered the commodity. Crude shoots up as U.S. stockpiles take a dive Bullish supply report, Chinese data send oil prices jumping The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories declined by 7.5 million barrels in the week ended July 11, far surpassing expectations for a decline of 2.1 million barrels. Total U.S. crude oil inventories stood at 375.0 million barrels as of last week. The report also showed that total motor gasoline inventories increased by 0.2 million barrels, below forecasts for a gain of 0.6 million barrels, while distillate stockpiles rose by 2.5 million barrels, above expectations for an increase of 1.7 million barrels.
Gold
Bottom fishers snapped up nicely priced gold positions on Wednesday and wiped out three consecutive losing sessions, though gains were cautious as markets still weighed Federal Reserve Chair Janet Yellen upbeat take on the U.S. economy. Gold gains on bargain hunting, though Yellen comments still weigh Bargain hunters send gold prices rising, though Yellen comments, U.S. data cap the yellow metal's advance Yellen told Senators in a Tuesday hearing that interest rates could rise sooner rather than later if the labor market continues to improve, especially given her observations that small-cap, biotech and other momentum stock valuations appear "stretched" these days. The U.S. producer price index rose by 0.4% in June from May, according to the U.S. Bureau of Labor Statistics, beating market calls for a 0.2% uptick. Core producers prices rose 0.2%, in line with market expectations.
