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Oil prices edged lower on Wednesday after official data revealed the country's gasoline and distillates stockpiles rose more than expected last week, while falling crude inventories cushioned losses somewhat. Crude oil slips as data points to rising refined products stockpile son the New York Mercantile Exchange, West Texas Intermediate crude for delivery in February traded at USD93.19 a barrel during U.S. morning trade, down 0.51%. New York-traded oil futures hit a session low of USD92.86 a barrel and a high of USD94.18 a barrel. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 2.68 million barrels in the week ended Jan. 3, beating expectations for a decline of 849,000 barrels. Total U.S. crude oil inventories stood at 357.9 million barrels as of last week. The report also showed that total motor gasoline inventories increased by 6.24 million barrels, significantly higher than expectations for a gain of 2.28 million barrels. The hikes in refined oil products sent prices falling, though the decline in crude stockpiles gave the commodity some support as did Libyan supply concerns. Oil prices have fallen in recent sessions on expectations for Libyan production to approach normal levels and add to global supply.
GOLD
Gold prices are falling, and yet investors and collectors can’t seem to buy enough of the precious metal. Gold prices fell to a six-month low heading into 2014 (standing at $1,228.60 per ounce Wednesday morning). On Wednesday, just two days after the debut of a British gold bullion coin, the Royal Mint announced that the Sovereign 2014 is out of stock, but it expects to stock the coin again by the end of the month. Gold Paradox: Prices Are Falling, But Sales Are Rising Gold Paradox: Prices Are Falling, But Sales Are Rising “Since the dip in the price of gold, we have seen increased demand for our gold bullion coins from the major coin markets, and this presently shows no sign of abating,” the mint said in an email. “The Royal Mint continues to supply to its customers and is increasing production to accommodate the higher demand.” According to the coin’s online product description, the mint initially intended to sell 7,500 individual coins. In 2013, gold futures prices fell 28 percent, their worst outlook in more than 30 years. And yet, demand for gold coins grew 63 percent in the first three quarters of 2013, according to the World Gold Council.