Crude Oil futures fall to four-week low

                   Crude Oil futures traded lower during Thursday’s Asian session following more tepid U.S. economic data and a concerning weekly inventories report. 

On the New York Mercantile Exchange, light, sweet crude futures for December delivery fell 0.22% to USD96.56 per barrel, near a four-week low, in Asian trading Thursday. The December contract settled lower by 1.46% at USD96.77 per barrel Wednesday. 

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 4.1 million barrels in the week ended Oct. 25, well above expectations for an increase of 2.3 million barrels. Total U.S. crude oil inventories stood at 383.9 million barrels, the highest level since June.

The report also showed that total motor gasoline inventories declined by 1.7 million barrels, compared to expectations for a drop of 140,000 barrels. 

The elevated inventories data indicate U.S. oil demand is not where it should be at this point in an economic recovery and that could be a sign lower prices are ahead. 

In U.S. economic news out Wednesday, the ADP private sector payroll survey showe U.S. non-farm private employment rose by a seasonally adjusted 130,000 in October, below expectations for an increase of 150,000. 

The previous month’s figure was revised down to a gain of 145,000 from a previously reported increase of 166,000.

A separate report showed that U.S. consumer prices rose 0.2% in September, in line with forecasts, after rising by 0.1% in August. 

Meanwhile, Italian oil giant Eni said it expects lower oil and gas output this year due to production issues in OPEC states Libya and Nigeria. 

Elsewhere, Brent crude futures for December delivery fell 0.34% to USD109.58 per barrel on the ICE Futures Exchange. - investing.com

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Gold trades lower post-Fed

               Gold futures traded lower during Thursday’s Asian session even after the Federal Reserve made no material alterations to its monetary policy following the conclusion of its two-day meeting Wednesday. 

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery lost 0.77% to USD1,338.90 per troy ounce in Asian trading Thursday. The December contract settled higher by 0.28% at USD1,349.30 per ounce on Wednesday. 

The Federal Reserve on Wednesday left its key benchmark lending target, the fed funds rate, unchanged at 0.25% and kept its USD85 billion monthly asset-purchasing program in place. 

Although the Fed said the U.S. economy, the world’s largest, is showing signs of improvement, it did say fiscal policy is standing in the way of a more impressive recovery. 

"Economic activity has continued to expand at a moderate pace. Indicators of labor market conditions have shown some further improvement, but the unemployment rate remains elevated," the Fed said in a statement. 

"Available data suggest that household spending and business fixed investment advanced, while the recovery in the housing sector slowed somewhat in recent months. Fiscal policy is restraining economic growth." 

The central bank go no overt time table for when it might taper its easing program, though many market participants expect tapering will commence late in the first quarter of 2014. 

In U.S. economic news out Wednesday, the ADP private sector payroll survey showe U.S. non-farm private employment rose by a seasonally adjusted 130,000 in October, below expectations for an increase of 150,000. 

The previous month’s figure was revised down to a gain of 145,000 from a previously reported increase of 166,000.

A separate report showed that U.S. consumer prices rose 0.2% in September, in line with forecasts, after rising by 0.1% in August. 

Elsewhere, Comex silver for December delivery slipped 2.11% to USD22.498 per ounce while copper for December delivery fell 0.08% to USD3.313. - investing.com

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