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Analytics, News, and Forecasts for CFD Markets: raw news — 31-12-2015.
West Texas Intermediate futures for February delivery is currently at $36.66 (+0.16%), while Brent crude is at $36.64 (+0.49%) after suffering loss of more than 3% in the previous session. The Energy Information Administration reported an unexpected rise of 2.6 million barrels in U.S. crude oil inventories in the week ending December 25. WTI and Brent lost 31% and 36% of their value in 2015 respectively.
The supply glut will worry investors in 2016 too as OPEC's leader Saudi Arabia rejects calls for output target revisions and maintains high production levels in an attempt to defend its market share.
Gold is currently at $1,061.30 (+0.14%) on the last trading session of 2015. The precious metal is on track to post a nearly 10% decline this year amid a stronger dollar and expectations of higher interest rates in the U.S. Expectations of further rate hikes will put more pressure on bullion. Some analysts expect gold to trade lower and decline to $1,000 an ounce in 2016.
Low oil prices reduce inflation concerns and demand for gold, thus making bearish outlook for crude another factor to weigh on bullion.
(raw materials / closing price /% change)
Oil 36.73 +0.36%
Gold 1,060.90 +0.10%
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