New York-traded crude-oil futures limped across the finish line Tuesday closing up 2 cents, enough to snap a four-day losing streak but hardly inviting investors to think that significantly higher crude -oil prices are in the offing.
Light, sweet crude for delivery in January CLF5, -2.15% rose 2 cents, or 0.04%, to settle at $55.93 a barrel on the New York Mercantile Exchange. Tuesday’s diminutive gains held the dubious distinction of being West Texas Intermediate’s largest one-day percentage and dollar gain in a week.
January Brent crude LCOF5, -2.15% on London’s ICE Futures exchange fell $1.20, or 2%, to end at $59.86 a barrel. Brent extended its losing streak to a fifth session, and the settlement was the lowest for Brent since May 19, 2009.
Gold prices lost ground Tuesday, erasing early gains that followed worldwide turbulence briefly triggered by hand-wringing over Russia’s rapidly tumbling ruble.
Gold for February delivery GCG5, +0.23% settled down $13.40, or 1.1%, at $1,194.30 an ounce. The contract jumped above $1,220 early Tuesday as U.S. stocks slumped, but it then turned negative while equities pared their early losses.
Meanwhile, March silver SIH5, +0.69% dived by 81 cents, or 4.9%, to settle at $15.75 an ounce.
Asian markets edged up on Wednesday on bargain-hunting, although gains were limited following more losses on Wall Street, while investors await the outcome of a Federal Reserve policy meeting.
Oil prices extended their losses to fresh five-and-a-half-year lows, while the dollar dipped against the yen ahead of the Fed get-together, which is being closely watched for an idea about its plans for interest rates.
Tokyo edged up 0.49 per cent, Hong Kong added 0.12 per cent, Sydney was 0.49 per cent higher, Seoul put on 0.10 per cent and Shanghai tacked on 0.35 per cent.
Global markets have been in turmoil this week owing to concerns about the effects of plunging oil prices on energy firms as well as the Russian economy, which is also straining under the weight of Western sanctions.