Crude Oil
Concerns that the world is awash in crude offset bullish U.S. data and escalating tensions in Ukraine and sent oil prices falling on Tuesday. Crude hammered by supply concerns, shrugs off U.S. data Crude takes a dive as supply concerns outweigh geopolitics, U.S. data. Despite data suggesting the U.S. economy is improving, growing concerns that the global economy is not gaining enough steam to make a dent in ample crude supplies sent the commodity tumbling on Tuesday, offsetting otherwise bullish pressures in the U.S. and in Eastern Europe. The Institute of Supply Management reported earlier that its services purchasing managers' index jumped to 58.7 in July from 56.0 in June. Economists had expected the index to tick up to 56.3.
Gold
Gold prices rose on Tuesday on demand from bottom fishers who viewed the commodity as oversold, while concerns the Russia-Ukraine conflict will escalate sent investors seeking safe harbor in the yellow metal. Gold gains on bargain hunting, Ukraine concerns Gold gains on bottom fishing, talk of Russia amassing troops on Ukraine border Gold prices reached levels ripe for bottom fishing earlier as investors priced in otherwise bearish data for the commodity. The Institute of Supply Management reported earlier that its services purchasing managers' index jumped to 58.7 in July from 56.0 in June. Tighter policy tends to be bearish for gold by eroding is appeal as a hedge to a weaker dollar, though geopolitical concerns sent investors seeking safe harbor in the precious metal, especially due to sentiments the asset was oversold.
