COMMODITIES UPDATE: Gold Down 2% On Hopes For End To Govt Shutdown; Oil Down 1.6% On Supply News
Oil price futures fell 1.76% to $101.36 on a report from the International Energy Agency today that said producers from non-OPEC (Organization of Petroleum Exporting Countries) will lift supply next year by an average of 1.7 million barrels a day. This was reportedly seen as undermining the need for OPEC crude.
Separately, gold futures contracts for December delivery were trading at $1,268.80 an ounce, down $28.10 or 2%, and below the benchmark $1,300 mark for the first time in more than a week, on optimism that the U.S. debt ceiling will be temporarily raised - which is boosting U.S. stocks and drawing investors away from the precious metal.
In exchange trading funding ( ETF ) shares of SPDR Gold Trust (SPDR) are down 1 cent or 0.1% to $45.77.
The United States Oil ETE fund ( USO ) is down 45 cents, or 1 % to $36.65.