Crude prices fell on Tuesday, extending losses into a second session, as investors looked ahead to weekly data from the U.S. on stockpiles
Oil Prices Extend Pullback as Focus Shifts to U.S. Supply Data – Crude prices fell on Tuesday, extending losses into a second session, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of demand in the world’s largest energy consumer. Oil prices ended lower on Monday, pulling further away from their strongest levels since late 2014, as traders weighed a steady increase in U.S. output against OPEC’s ongoing efforts to drain the market of excess supplies. Analysts and traders have recently warned that U.S. shale oil producers could ramp up production as they look to take advantage of higher prices, potentially derailing OPEC’s effort to curb excess supply.
Gold Prices Continue Lower as Markets Await Fed, Trump – Gold prices declined on Tuesday, extending losses into a third session, as traders awaited a U.S. Federal Reserve policy meeting for fresh catalysts. The Federal Reserve is not expected to take action on interest rates at the conclusion of its two-day policy meeting at 2:00PM ET (1900GMT) on Wednesday, keeping it in a range between 1.25%-1.50%. The central bank will release its post-meeting statement as investors look for any change in language which could point more clearly to a rate hike in the months ahead. This week’s meeting will be the last under the leadership of Janet Yellen, before she is replaced by Fed Governor Jerome Powell. The majority of economists believe that the Fed will hike rates in March, followed by another hike in June, with a third move higher arriving in December. Gold is highly sensitive to rising rates, which increase the opportunity cost of holding non yielding bullion. Also on the agenda, market players will focus on
President Donald Trump’s State of the Union address later on Tuesday. The theme of Trump’s address will be “building a safe, strong and proud America,” a senior administration official told reporters on Friday.
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