Crude prices plummeted slightly in New York amid weak demand and as the euro slipped against the dollar knowing that imports to the Gulf Coast decreased by 643,000 barrels a day while that gold consolidated on mixed data so far released today and overall fears sensed.
If truth be told mixed sentiments were spread today throughout the commodities market after a strong update on jobless claims, and as investors considered a possible increase on stimulus from the European Central bank.
Jobless claims fell 26,000 to 319,000 in the week ended May 3 from a revised 345,000 in the prior period, the Labor Department reported today. The median forecast by Bloomberg called for a drop to 325,000.
European Central Bank President Mario Draghi signaled that officials are ready to cut interest rates next month. Officials are debating how much stimulus to give to a euro region economy haunted by the threat of deflation.
Also yesterday`s EIA report showed that crude oil stockpiles in the U.S., for the week-ended May 2 fell 1.8 million barrels, while expectations called for a rise of 1.1 million barrels.
Whereas gasoline inventories increased 1.6 million barrels and distillate fuel inventories fell 0.45 million barrels.
Accordingly the gold shed currently 0.14 percent recording a high of $1288.25 an ounce and a low of $1295.15 an ounce and is so far trading around $1284.80 an ounce and crude fell by 0.52 percent and is trading around $100.18 a barrel recording a high of $100.88 a barrel and a low of $99.85 a barrel.