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Oil Extends Losses As Concerns Over Weak Demand And Ample Supply Remain

Published 11/12/2014, 01:33 AM
Updated 04/25/2018, 04:40 AM
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Crude Oil
West Texas Intermediate oil extended losses from the previous session on Tuesday, as lingering concerns over weakening demand and ample global supplies weighed. Crude oil for delivery in December shed 3 cents, or 0.05%, to trade at $77.37 a barrel. Concerns over weakening global demand combined with indications that OPEC producers will not cut output to support oil markets have weighed on prices in recent weeks.

Crude Oil Hour Chart

GOLD
Gold prices moved higher on Tuesday on a double shot of rising physical demand and a weaker dollar. Gold futures for December delivery were up 0.35% at $1,163.90, up from a session low of $1,145.60 and off a high of $1,165.70. Gold prices rose despite ongoing expectations that the Federal Reserve remains on track to begin hiking interest rates in 2015, which have supported the U.S. dollar. Elsewhere, physical demand for the precious metal is picking up in Europe and Asia, which gave gold prices added support on Tuesday.

Gold Hour Chart

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