Oil prices traded lower, after a report on oil showed that U.S. crude inventories increased substantially. According to data from the Energy Information Administration, last week, oil reserves rose by 3.26 million barrels, while reaching 385.9 million barrels. In addition, it was reported that oil production rose to 1,000 barrels per day to 7.15 million, while closer to 20-year high, which is located at the level of 7.16 million Note also that gasoline inventories decreased by 1.6 million barrels to 221.2 million, while distillate stocks of fuel, which include heating oil and diesel, fell 4.51 million barrels to 115.3 million. In addition, it was reported that refinery utilization in the U.S. rose to the level of 85.7%, up from 83.5% the previous week

The report also showed that U.S. crude inventories in the center storage in Cushing, Oklahoma, rose by 439,000 barrels to 49.5 million.

Meanwhile, we note that with a decrease in stock prices, and the fall of the euro to a four-month low against the dollar, putting further downward pressure on oil prices.

May futures for U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 95.98 dollars per barrel.

May futures price of North Sea Brent crude oil mix rose 6 cents to $ 109.46 a barrel on the London Stock Exchange ICE Futures Europe.

Gold prices recovered from the minimum values ​​session, rising at the same time above $ 1,600 an ounce, as the bad economic data for the euro area added concerns over the debt crisis in Cyprus, causing some demand for safe-haven assets. According to data from the European Commission, the level of economic confidence in the currency bloc of 17 countries has worsened in March, cutting off the recovery period, which began in November last year. Note that in the euro zone economic sentiment fell to 90, compared with 91.1 in the previous month and below the consensus forecast of 90.5. The decline was due to the decrease in all business sectors, while consumer confidence in general ostavalrs stable. The data also showed that the economic downturn continues, which increases the pressure on the European Central Bank that it has lowered interest rates. Moreover, further reduction of euro area GDP in the first quarter now looks very likely, but the outlook for the second quarter are still unclear.

Note that the precious metal is on track for the first monthly increase since October of last month, and now shows an increase of about one percent.

Economists say that the rise in gold prices above $ 1,600 contributed to many of the uncertainties in Europe in connection with the situation in Cyprus, because people do not know how the situation will develop further. However, they added that the market is now dominated by illiquidity, as many investors are waiting for the Easter holiday. Furthermore, they believe that liquidity should be back to normal next week, during which there will be a meeting the ECB.

April futures price of gold on COMEX rose to 1602.30 dollars per ounce.

Change % Change Last

Oil $96.30 -0.04 -0.04%