Oil And Gold Analysis: Crude Rebounds From Five Month Low

New York (Nov 17)  Crude oil rebounded from a five-month low on optimism that Janet Yellen will maintain Federal Reserve stimulus efforts and as crude processing by refiners rose to a six-week high. Cushing inventories gained 1.69 million barrels to 38.2 million, the highest level since Aug. 9. Stockpiles at the hub have increased 5.58 million barrels in the past five weeks. Total U.S. supplies jumped 2.64 million barrels last week; more than triple the 800,000-barrel Prices advanced as much as 0.6 percent as Yellen, the nominee for Fed chairman, said she will ensure the central bank’s asset purchases don’t end too soon. Refineries boosted utilization the most since June. Earlier, WTI tumbled 1.5 percent to 94.40.

GOLD
Gold gained after Federal Reserve Chairman nominee Janet Yellen signaled she will carry on with U.S. monetary stimulus and more Americans than forecast filed claims for jobless benefits Yellen said in testimony to the Senate Banking Committee that the central bank should take care not to withdraw stimulus too early, “especially when the recovery is fragile.” Jobless claims in the week ended Nov. 9 declined 2,000 to 339,000, the Labor Department said today. Gold gained 1.4 percent to settle at $1,286.30 an ounce.