Crude Oil
Crude Oil futures edged higher during European morning trade on Monday, but gains were limit amid speculation rising global supplies will be more than enough to meet slowing demand. Crude oil futures struggle amid worries over ample global supplies Ample global supplies weigh on crude prices. Global supplies have far outpaced demand in recent months, sparking speculation among traders about whether the Organization of the Petroleum Exporting Countries would lower production to keep prices high. A report last week showed OPEC oil output hit a two-year high of 31 million barrels per day in September. Some market analysts believe that only a cut in output by the oil cartel will halt the decline in prices.
GOLD
Gold futures inched higher during U.S. morning trade on Monday, but held below the key $1,200-level as upbeat U.S. employment data underlined optimism over the strength of the economy and fueled expectations that the Federal Reserve will begin to raise rates sooner than previously thought. Gold inches higher but remains below $1,200-levelGold futures remain below the key $1,200-level. Gold and silver recovered as the U.S. dollar took a breather from its recent rally against a basket of other major currencies sparked by upbeat U.S. employment data. The U.S. Dollar Index, which tracks the performance of the greenback against a basket of six major currencies, traded at 86.46, down from Friday's four-year high of 86.87. A weaker dollar boosts demand for raw materials as an alternative investment and makes dollar-priced commodities cheaper for holders of other currencies.
