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Oil And Gold Analysis: October 31, 2013

Published 10/31/2013, 03:54 AM
Updated 04/25/2018, 04:40 AM
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Crude oil fell to a four month low after the Energy Information Administration said supplies rose 4.09 million barrels to 383.9 million last week. Nationwide crude supplies gained 7.9 percent in the six weeks ended October 25, according to the EIA, the Energy Department’s statistical arm. The U.S. will account for about 21 percent of global oil demand this year, almost double the estimate for China, the second largest consumer, according to forecasts from the International Energy Agency in Paris.
Oil Hour Chart

GOLD
Gold fell as the dollar rebounded after the U.S. Federal Reserve cited “improvement in economic activity and labor market conditions.” Earlier, the metal rose as much as 1.1 percent, while the dollar dropped 0.3 percent. Fed policy makers said they will press on with $85 billion in monthly bond purchases to bolster the economy. The metal traded around $1,355 prior to the Fed statement.
Gold Hour Chart

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