Oil is trading lower continuing the recent decline after data on U.S. stockpiles was reported yesterday by the American Petroleum Institute. U.S. inventories rose by 10.5 million barrel to a record of 450 million barrel. Analysts expected an increase of 3.8 million. Official data by the EIA, the Energy Information Agency, are due today at 14:30 GMT. Last week stockpiles already reached the most in 80 years. Concerns over a maximum of capacity reached puts further pressure on the price. The U.S. are the world's largest consumer of oil. Brent Crude lost -1.16%, currently trading at USD52.89 a barrel. On January 13th Crude set a low at USD45.19. West Texas Intermediate slumped -2.92% currently quoted at USD42.19.

Oil prices declined by almost 60% between June 2014 and January 2015 and recovered by almost 35% in 2015 before declining again. Although prices rebounded after setting new lows, worldwide supply still exceeds demand in a period of low global economic growth, pushing stockpiles to record highs and weighing on prices.

Gold is trading moderately higher today after setting a new 4-month low in yesterday's trading. A broadly weaker greenback lends some support to bullion today. All eyes are now on the FED's upcoming rate decision and the following statement of FED Chair Janet Yellen to see if the word "patient" will be dropped as broadly anticipated and if the U.S. economy has gained enough momentum for an interest rate hike in June. Rates have been near zero since 2008.

A stronger U.S. dollar and the prospect for higher U.S. rates recently weighed on the precious metal as gold is dollar-denominated and not yield-bearing.

Gold is currently quoted at USD1,150.20, +0,13% a troy ounce. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40. Yesterday gold traded as low as USD1,142.50, a four-month low.

(raw materials / closing price /% change)

Oil 43.46 -0.96%

Gold 1,148.90 +0.06%