Crude Oil
A fresh crop of better-than-expected U.S. economic indicators sent crude prices rising on Thursday amid perceptions that demand for fuel and energy will increase in the world's largest consumer of crude. Nationwide crude stockpiles shrank by 4.47 million barrels through Aug. 15, the most in five weeks, according to the Energy Department’s statistical arm. Gasoline inventories rose 585,000 barrels to 213.3 million last week, the EIA said. Purchases of previously owned U.S. homes climbed to 10-month high, jobless claims slid more than forecast and a manufacturing index surged to the highest since 2010.
Gold
Gold prices dropped on Thursday after upbeat U.S. data fueled growing expectations that the days of ultra-loose monetary policies that have supported the precious metal for years are coming to an end. Data released on Thursday confirmed market sentiments that the U.S. economy is close to standing on its own two feet with a monetary crutch. The Federal Reserve Bank of Philadelphia said that its manufacturing index topped a three-year high of 28.0 this month from July’s 23.9 reading. Analysts had expected the index to decline to 19.2 in July. Data also showed that U.S. existing home sales increased 2.4% to 5.15 million units last month from 5.03 million in June. Analysts had expected existing home sales to dip 0.4% to 5.02 million units in July. Also on Thursday, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending Aug. 16 decreased by 14,000 to 298,000 from the previous week’s revised total of 312,000.