Crude Oil
U.S. crude inventories have climbed to the highest level since April 1931, monthly government data going back to 1920 show. The Purchasing Managers’ Index was at 50.4, the National Bureau of Statistics and China Federation of Logistics and Purchasing said on Thursday in Beijing, less than the 50.5 as estimate. West Texas Intermediate trimmed a second weekly drop before data forecast to show U.S. employers boosted headcount in April by the most in five months. Brent pared a weekly loss amid tensions between Russia and Ukraine. Futures rose 0.5%, curbing this week’s decline to 0.7%. Payrolls rose by 218K last month after a 192K gain in March, according to the estimate. WTI for June delivery, Jun crude was traded at $100 per barrel during the Asian session a little change from $99.78 per barrel when market opens, the volume of all futures traded was 16 percent above the 100-day average for the time of day.
Gold
The U.S. economy probably grew in the first quarter at the slowest pace in a year as harsh winter weather chilled consumers and businesses; a report showed on Wednesday. The central bank cut monthly asset buying to $45 billion, its fourth straight $10 billion cut, and said further reductions in “measured steps” are likely. Gross domestic product grew at a 0.1% annualized rate in the first quarter, compared with a 2.6% gain in the previous quarter, government data showed on Thursday. Commercially, prices climbed 7.8% this year amid signs that the U.S. economy was faltering, while tensions between Ukraine and Russia escalated. The metal pared losses of as much as 0.8% on Thursday after a report showed American growth stalled in the first quarter. On Friday, gold advanced the most since mid-March as tensions between Russia and Ukraine increased, boosting demand for the precious metal as a haven. Ukraine sent armored vehicles and artillery to retake Slovyansk, a stronghold for pro-separatist forces, defying President Vladimir Putin’s demand to pull back troops with Russia’s army massed across the border. The metal declined a little after the release of the Non-farm payroll report which showed that in the last month’s 288K increase in U.S. employment was the biggest since January 2012. The jobless rate plunged to 6.3%, the lowest since September 2008. Today, the precious metal was traded at $1305.91 per ounce rising from $1300.80 per ounce.
