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Crude And Gold Both Fall

ByICM Brokers
Published 07/25/2013, 06:38 AM
Updated 04/25/2018, 04:40 AM
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Crude fell the most in more than a month as U.S. output surged to a 22-year high last week and Chinese manufacturing contracted more than economists estimated. Futures slid 1.7 percent after the Energy Information Administration said crude production rose 0.9 percent to 7.56 million barrels a day, the most since December 1990. Crude and fuel supplies declined, the report showed. The HSBC Holdings Plc and Markit Economics China manufacturing gauge came in at 47.7, according to a preliminary survey of purchasing managers. There were good-sized supply draws but we still have a surplus,” said Tim Evans, an energy analyst at Citi Futures Perspective in New York. “We aren’t going to see a deficit anytime soon. The market has been paying a lot of attention to China recently so the weak Chinese data is also relevant.
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Gold fell for a second straight day as sales of new U.S. homes in June rose to a five-year high, adding to signs of improved economic growth that may prompt the Federal Reserve to slow financial stimulus measures. Every new data becomes a point of speculation for the timing of the stimulus tapering,” David Lee, a vice president at Heraeus Precious Metals Management in New York, said in a telephone interview. “The market wants some clarity from the Fed. Every new data becomes a point of speculation for the timing of the stimulus tapering,” David Lee, a vice president at Heraeus Precious Metals Management in New York, said in a telephone interview. “The market wants some clarity from the Fed.
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