Crude oil prices declined yesterday after U.S. fuel stocks unexpectedly rose as reported by the US Energy Information Administration. U.S. crude oil stocks however, fell by 2.01 million barrels, more than double the expected figure.
Crude oil is currently trading around $75 a barrel. The price of oil has the potential to drop further, should the numerous U.S. economic indicators set to be released today further dampen investor confidence in the global economic recovery.
Gold on the other hand traded relatively flat yesterday, after recent days in which the price was quite volatile. The weekly chart is indicating current levels are high, therefore in the medium term gold price might decline.