CL
Oil prices rose on Tuesday, headed for the biggest four-day advance since January 2009 as a tumbling dollar sent commodities rallying. Despite signs that U.S. crude supplies had registered another heavy build last week, investors were growing more confident that oil prices have hit a bottom after a seven-month rout. Traders said oil bulls were encouraged by BP's plan to cut capital expenditure by 13% to $20 billion in 2015, which came after reductions announced by other major energy companies. The capital reduction plans of BP and other energy firms fueled the perception that the global oil glut may end faster than thought.
GOLD
Gold turned lower on Tuesday, amid hopes that Greece’s new government would be able to reach a compromise with its international creditors on the terms of its bailout. Appetite for safe haven assets weakened after the Greek government outlined its plans to renegotiate the terms of its bailout with its creditors, retreating from demands for a debt write-down. Greek Finance Minister Yanis Varoufakis has outlined a “menu of debt swaps” to ease the burden of the country’s debt, under which creditors would swap outstanding debt for new growth-linked bonds.
