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Crude futures continued its upward swing on Thursday ending the month of April on a high note, as OPEC supply leaped to its highest level in more than two years and a lower than expected U.S. weekly buildup remained in focus. Brent also closed the month up more than 18%, as OPEC oil supply reached its highest level since November, 2012. In a survey published on Thursday found that output increased by 70,000 barrels per day to 31.04 million barrels. Increases in production in Iraq, Libya and Nigeria boosted OPEC supply levels.
GOLD
Gold plunged more than $30 on Thursday dropping below $1,200 an ounce, as a bundle of stronger than expected U.S. economic data fueled speculation that the Federal Reserve could be more aggressive than previously indicated on the timing of an interest rate hike. In a report, the U.S. Department of Labor said that the initial jobless claims for the week ended April 25, fell by 34,000 to a 15-year low of 262,000. Analysts had forecasted a dip of 6,000 for the week and marked the lowest level since April, 2000.
