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Crude oil prices fell to almost six-year lows on Tuesday, with the latest selloff coming after OPEC said it will not cut output despite a global supply glut. The rout in oil prices has fueled concerns of exacerbating already low levels of inflation in many major world economies, including the eurozone.
GOLD
Gold rose to a 12-week high on Tuesday, before trimming some of those gains as the U.S. dollar strengthened and stock markets rebounded from the previous day's losses. Gold remained supported after the latest U.S. jobs report last week showed a surprise drop in hourly wages, suggesting that the Federal Reserve could keep rates on hold for longer. The precious metal lost nearly 2% in 2014 amid indications a strengthening U.S. economic recovery will force the Fed to start raising interest rates sooner and faster than previously thought. A delay in raising interest rates would be seen as bullish for gold, as it decreases the relative cost of holding on to the metal, which doesn't offer investors any similar guaranteed payout.
