CL
Crude oil prices pulled back on Thursday as ample global supply weighed on prices while Brent's front-month June contract headed to expiration. Trading was choppy as market participants tried to square bullish factors, including recent drops in U.S. inventories, spot demand for crude in Asia and Middle East unrest, with basic supply fundamentals of historically high inventories and ample production. Crude Oil fell 0.64 or 1.06% to 59.86 a barrel, closing below $60 for the first time in three sessions.
GOLD
Gold rose slightly on Thursday reaching a three-month high, as soft U.S. inflation data sent the dollar plunging amid growing possibilities for a delayed interest-rate hike by the Federal Reserve. Gold rose 6.10 or 0.50% to 1,224 a troy ounce. Earlier, gold spiked to 1,227 in U.S. trading, its highest level since mid-February. The U.S. Bureau of Labor Statistics said Thursday that Producer Prices for total final demand in April fell 0.4%, significantly below estimates of a 0.1% -- the low end of analysts' forecasts. On a year-over-year basis, Thursday's reading painted an even dire outlook as the index ticked down to a record low of minus 1.3%. In March, the index stood at negative 0.8% in comparison with the reading 12 months earlier.
