Crude Oil
West Texas Intermediate fell by the most in three days, dropping from a one-week high reached yesterday after U.S. crude inventories shrank for the first time since March. Futures fell as much as 0.6% after rising 1.3% yesterday. Crude stockpiles fell by 1.78 million barrels last week as supplies at Cushing, Oklahoma, the delivery point for WTI, dropped to the lowest level since December 2008, the U.S. Energy Information Administration reported. WTI for June delivery fell 52 cents to $100.25 a barrel. The contract gained $1.27 to $100.77 yesterday, the highest close since April 29. The volume of all futures traded was about 17 percent below the 100-day average for the time of day. Prices have advanced 1.8% this year.
Gold
Gold futures declined for a third straight day as gains in equities curb demand for the precious metal as an alternative investment. Russian President Vladimir Putin said his country’s army is testing its combat readiness, ramping up tensions after he pledged a pullback from Ukraine’s border. Pro-Russian separatists in Ukraine vowed to press ahead with autonomy votes. Fed officials trimmed stimulus last week for the fourth consecutive meeting and are on track to halt buying in the second half of 2014. Gold futures for June delivery fell 0.1% to settle at $1,287.70 an ounce, prices declined 1.6% in the previous two sessions. Trading was 13% below the average for the past 100 days for this time.
