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Crude oil and Gold Updates for 25 Feb 2016

Crude oil and Gold Updates for 25 Feb 2016

Crude oil trading range for the day is 2072-2308.Crude oil prices recovered from lows after data showed that oil supplies in the U.S. rose less than feared last week.Earlier pressure seen on prices after top exporter Saudi Arabia ruled out production cuts and industry data showed a further build in U.S. crude stockpiles. The U.S. Energy Information Administration said in its weekly report that crude oil inventories increased by 3.5 million barrels in the week ended February 19.Total U.S. crude oil inventories stood at 507.6 million barrels as of last week, remaining near levels not seen for this time of year in at least the last 80 years.

Gold trading range for the day is 28882-30272.Gold rose acting as foil against risk alongside top-rated government bonds as oils fall rippled into global equity markets.Prices is finding support from increasing expectations that the Federal Reserve will not further raise U.S. interest rates this ear. Inflows into SPDR Gold Trust, the top gold ETF, since the beginning of the year have already surpassed outflows
for the whole of 2015. SPDR gold trust holdings gained by 1.07% i.e. 8.03 tonnes to 760.32 tonnes from 752.29 tonnes

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