Crude Oil
West Texas Intermediate crude rose, narrowing its discount to Brent on speculation supplies at Cushing, Oklahoma, fell last week and as the dollar weakened. Prices rebounded from a two-week low. Stockpiles at the WTI contract’s delivery point may have decreased from the lowest level since 2009, The U.S. will impose new sanctions on people and companies close to Russian following government’s lack of progress in easing the crisis in Ukraine, President Barack Obama said. European Union representatives discussed similar penalties, a European Commission spokeswoman said.
Gold
Investors returned to gold just in time for the longest price rally in a month amid mounting tension over Ukraine. Money managers increased their net-long position in gold in the week ended April 22, snapping a four-week retreat that was the longest this year. The metal climbed in the next three days. Gold has climbed 8 percent in 2014, rebounding from last year’s 28 percent slump, the biggest since 1981. Unusually cold winter weather stymied U.S. economic growth, while tensions between Russia and Ukraine flared. Russian last week warned Ukraine against continuing an anti-separatist offensive that killed five rebels. Gold fell to 1295.
