Crude Oil
West Texas Intermediate rose for the second time in three days before crude stockpile data that will signal the strength of fuel demand in the U.S., the world’s biggest oil consumer. West Texas Intermediate Crude Oil for delivery in October traded at $93.94 a barrel, up 0.20%, after hitting an overnight session low of $93.44 a barrel and a high of $95.09 a barrel. Ongoing concerns that the world is awash in crude battered oil prices on Monday, especially as tensions between Ukraine and Russia appeared to wane. Crude prices have spiked in recent sessions on fears the conflict will heat up and disrupt shipments out of Russia.
Gold
Gold held below $1,300 an ounce after two days of losses on optimism that the U.S. recovery is gaining traction while tensions ease in Ukraine and the Middle East, curbing demand. Gold prices held steady to weaker in early Asia on Tuesday as investors focus on U.S. monetary policy prospects that seem favorable for eventual higher interest rates. Overnight, gold prices moved lower after upbeat U.S. data and waning Ukraine fears chipped away at the precious metal's appeal as a hedge to uncertainty. Data today may show housing starts probably rebounded in July after a report yesterday showed confidence among U.S. homebuilders reached the highest level in seven months. Most Fed officials forecast they will need to raise the benchmark rate next year after holding it near zero since December 2008.
