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Crude futures tumbled to a seven-session nadir today, thanks to a heftier-than-expected increase in domestic supplies, as well as a strengthening dollar. The Energy Information Administration (EIA) said crude inventories advanced by 7.25 million barrels last week, significantly exceeding economists' forecast of a 1.4 million barrel surplus. Meanwhile, debt woes out of Europe fueled the greenback higher against most of its rivals, making dollar-denominated commodities – like oil – more expensive for holders of foreign currencies. By the close, May-dated crude oil surrendered $1.30, or 1.6%, to finish at $80.61 per barrel.
Gold futures also retreated in the wake of a stronger dollar. Ratings downgrades for Portugal pressured the euro to a 10-month low against the greenback, as commodities traders grow more concerned that the continent's debt concerns span wider than Greece. Against this backdrop, gold for April delivery gave up $14.90, or 1.4%, to settle at $1,088.80 an ounce.
Crude futures tumbled to a seven-session nadir today, thanks to a heftier-than-expected increase in domestic supplies, as well as a strengthening dollar. The Energy Information Administration (EIA) said crude inventories advanced by 7.25 million barrels last week, significantly exceeding economists' forecast of a 1.4 million barrel surplus. Meanwhile, debt woes out of Europe fueled the greenback higher against most of its rivals, making dollar-denominated commodities – like oil – more expensive for holders of foreign currencies. By the close, May-dated crude oil surrendered $1.30, or 1.6%, to finish at $80.61 per barrel.
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