Oil prices jumped more than 4.5 %on Thursday after a rally in equity markets and an unexpected fall in U.S. crude inventories, but worries over the Chinese economy and a global oil glut kept the outlook uncertain.
Oil prices fell more than 3% on Monday after Greece rejected debt bailout terms and China rolled out emergency measures to support its stock markets, adding to concerns about demand at a time of global oversupply.
Brent rose for the first time in six days amid speculation about the price level that will force some producers to curb investment and limit future supply growth. West Texas Intermediate advanced in New York.
Brent crude prices, the benchmark for half the world’s oil, will weaken for a second year in 2014 as U.S. output expands and threats to Middle East and North African supply ease, the most-accurate forecasters said.
Gold analysts are the most bullish in three weeks after the Federal Reserve’s surprise decision not to taper stimulus increased demand for bullion as a hedge against accelerating inflation and currency debasement.
Gold traders turned bearish for the first time in a month as investors reduced holdings in exchange-traded products for an unprecedented 17th consecutive week and India, the biggest buyer, announced curbs on imports.