Oil was little changed in New York as U.S. jobless claims increased more than analysts expected and TransCanada Corp. shut the Keystone pipeline that transports oil from Canada to the midcontinent. Futures slipped 2 cents after the Labor Department said applications for unemployment benefits rose to 388,000 in the week ended October 13.
TransCanada shut the line after finding an anomaly and cut oil flows to Cushing, Oklahoma, the delivery point for New York futures, and Midwestern refineries. Crude for November delivery settled at $92.10 a barrel on the New York Mercantile Exchange. Futures prices have changed less than 25 cents in each of the past five trading days, the longest streak of moves that small in more than a decade.
GOLD
Gold futures declined for the first time in three days as Chinese data signaled improving economic growth, easing pressure on the government to announce measures to boost expansion. China’s industrial production, retail sales and fixed-asset investment accelerated in September after a seven-quarter slowdown. European Union leaders are met in Brussels for two days.
Gold surged 11 percent in the last quarter after the U.S., Japan and the European Central Bank enacted measures to stimulate growth, increasing demand for the precious metal as an inflation hedge. Gold futures for December delivery slid 0.5 percent to settle at $1,744.70 an ounce at 1:44 p.m. on the Comex in New York. Prices gained 0.9 percent in the previous two sessions. China’s gross domestic product expanded 7.4 percent in the third quarter from a year earlier.
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Oil And Gold Analysis: October 19, 2012
Published 10/19/2012, 06:09 AM
Updated 04/25/2018, 04:40 AM
Oil And Gold Analysis: October 19, 2012
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