Futures declined as much has 0.5 percent in New York, and were poised for a weekly loss of 1.4 percent. Gasoline inventories climbed to the highest level since March, while crude supplies dropped for a fourth week, Energy Information Administration data showed on July 23. President Barack Obama said he expects the downing of the Malaysian Air jet in Ukraine to push European nations toward tougher sanctions against Russia.
U.S. refineries are clearly turning more crude oil into refined petroleum products at present than is actually needed,Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, said by e-mail. The build in gasoline inventories significantly exceeded expectations. Besides the increase in production, this was also due to weaker demand.
WTI for September delivery fell as much as 51 cents to $101.56 a barrel in electronic trading on the New York Mercantile Exchange, and traded for $101.66 at 1:11 p.m. London time. The contract slid $1.05 to $102.07 yesterday, the lowest close since July 16. The volume of all futures traded was 10 percent above the 100-day average for the time of day.
Bullion fell as much as 1.3 percent to $1,289.40 an ounce yesterday, the lowest since June 19, as U.S. equities reached a record after data showed jobless claims fell and global manufacturing increased. The metal, which yesterday fell near its 200-day moving average, slid 28 percent last year on expectations the Federal Reserve would tighten monetary policy.
U.S. interest rates may rise sooner than forecast if the labor market continues to improve more quickly than anticipated,รข€ Fed Chair Janet Yellen said last week, adding the central bank must press on with stimulus because significant remains. Gold is heading for a monthly loss even amid unrest in Ukraine and the Middle East.
Gold decline to near the 200-day moving average so far been enough to halt the slide, as short-sellers have used that support to book some profit,Ole Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen, said today by e-mail. Considering the improvement in recent data and speculation about the Feds intentions with regard to tightening, the market will be nervous over the coming week, leaving little room to the upside.
U.S. refineries are clearly turning more crude oil into refined petroleum products at present than is actually needed,Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, said by e-mail. The build in gasoline inventories significantly exceeded expectations. Besides the increase in production, this was also due to weaker demand.
WTI for September delivery fell as much as 51 cents to $101.56 a barrel in electronic trading on the New York Mercantile Exchange, and traded for $101.66 at 1:11 p.m. London time. The contract slid $1.05 to $102.07 yesterday, the lowest close since July 16. The volume of all futures traded was 10 percent above the 100-day average for the time of day.
Bullion fell as much as 1.3 percent to $1,289.40 an ounce yesterday, the lowest since June 19, as U.S. equities reached a record after data showed jobless claims fell and global manufacturing increased. The metal, which yesterday fell near its 200-day moving average, slid 28 percent last year on expectations the Federal Reserve would tighten monetary policy.
U.S. interest rates may rise sooner than forecast if the labor market continues to improve more quickly than anticipated,รข€ Fed Chair Janet Yellen said last week, adding the central bank must press on with stimulus because significant remains. Gold is heading for a monthly loss even amid unrest in Ukraine and the Middle East.
Gold decline to near the 200-day moving average so far been enough to halt the slide, as short-sellers have used that support to book some profit,Ole Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen, said today by e-mail. Considering the improvement in recent data and speculation about the Feds intentions with regard to tightening, the market will be nervous over the coming week, leaving little room to the upside.
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