Crude Oil
Crude futures fell on Thursday after Libya declared an end to a standoff with rebels that had closed several oil facilities and ports, with markets now expecting global supply to rise with an end to the confrontation. Crude falls as market preps for Libyan exports to resumeOil dips as Libya strikes deal with rebels to reopen oil ports Libya said earlier that it had struck a deal with rebels occupying oil ports under terms that would have insurgents give up control over the last two terminals and end a blockade. The deal should add 500,000 barrels per day of crude back into the global energy market. The news sent futures falling on expectations for increased supply, though prices didn't plummet, as the government and rebels have struck deals in the past that never came to fruition. Bullish data in the U.S. cushioned oil's losses as well.
Gold
Gold futures fell on Thursday after robust U.S. jobs data fueled demand for the dollar, which tends to trade inversely with the yellow metal. Gold falls on robust U.S. jobs data, ECB language Upbeat U.S. jobs report, ECB language tarnish gold's luster Dovish comments out of the European Central Bank weakened the euro and sent investors chasing safe-haven greenback positions, which also compounded gold's losses. The dollar firmed and sent gold falling after the U.S. Department of Labor reported that non-farm payrolls rose by 288,000 in June, easily surpassing expectations for an increase of 212,000. May's figure was revised up to a gain of 224,000 from 217,000. The unemployment rate ticked down to 6.1% from 6.3% in May. Analysts had expected the jobless rate to hold steady at 6.3% last month. A day earlier payroll processor ADP reported in its nonfarm payrolls report that the U.S private sector added 281,000 jobs last month, beating expectations for an increase of 200,000. The numbers kept expectations on track for the Federal Reserve to continue tapering stimulus programs this year and raise interest rates the next.
