Crude Oil
An upbeat U.S. consumer confidence report offset softer-than-expected data on U.S. durable goods and sent oil prices firming on Tuesday by stoking hopes a more robust economy will consume more fuel and energy going forward. Ongoing supply concerns chipped away the commodity's gains at times. West Texas Intermediate crude oil futures for delivery in December traded up 0.09% at $81.07 a barrel during U.S. trading, up from a session low of $80.37 a barrel and off a high of $81.65 a barrel. Crude oil prices retained gains into Wednesday in as industry data on U.S. crude oil stocks showed a slightly smaller build than expected.
GOLD
Gold prices traded flat on Tuesday, giving back gains from mixed U.S. data that had softened the dollar, which trades inversely with the yellow metal. Gains were short-lived as markets were eager for the Federal Reserve's Wednesday statement on monetary policy. The Conference Board reported earlier that its consumer confidence index jumped to 94.5 this month from 89.0 in September, boosted by a more favorable assessment of the current job market and business conditions. The Fed is widely seen closing its bond-buying program, though uncertainty as to whether or not the statement will contain dovish or hawkish language surrounding interest rates prompted investors to avoid the yellow metal ahead of time.
