NYMEX crude oil down in early Asia trade on Iran talks prospects

               Crude Oil prices fell slightly in early Asian trade on Tuesday on easing geopolitical concerns as Western and Iranian diplomats look to make progress this week in efforts to end a nuclear impasse and resume the flow of Iranian crude into global markets.

On the New York Mercantile Exchange, light sweet crude futures for delivery in January traded at USD93.64 a barrel, down 0.05%, and in a range of USD93.55 - USD93.69.

Later this week in Geneva, talks among the U.S., Russia, China, Britain, Germany, France and Iran will open with hopes building that progress will be made to dismantle Tehran's nuclear program.

A deal would resume the flow of Iranian crude into global markets and lower prices, as trade sanctions slapped on Iran due to its alleged nuclear ambitions have taken out more than 1 million barrels per day of oil from the global market.

Meanwhile, in supply news, Saudi Arabia’s Joint Organizations Data Initiative said the country produced approximately 10.12 million barrels of oil a day and shipped 7.84 million barrels in September, healthy figures that also pressured prices lower.

Elsewhere, the U.S. Energy Information Administration reported Thursday that crude oil inventories last week rose by 2.6 million barrels, far more than the 994,000 barrels predicted by analysts, which also pushed oil prices lower.

Brent crude for January delivery on ICE Futures Europe also sank further, declining 0.5%, to USD107.90 a barrel. - investing.com

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Gold prices ease slightly in early Asian trade following overnight drop

              Gold prices eased slightly in early Asian trade on Tuesday with the dollar holding largely steady from overnight levels following comments by a Federal Reserve official that were hopeful on the economic outlook.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,273.40 a troy ounce, down 0.04%, in a range of 1,272.50 - 1,275.50. Gold prices hit a session low of USD1,269.60 a troy ounce and high of USD1,289.00 a troy ounce overnight.

Gold prices dropped overnight after Federal Reserve Bank of New President William C. Dudley said he was hopeful the U.S. economy will see better days ahead and stoked hopes that the U.S. central bank will begin scaling back stimulus tools more likely sooner than later, likely in early 2014.

Stimulus tools such as the Fed's USD85 billion in monthly bond prices seek to spur recovery by driving down interest rates, weakening the U.S. dollar in the process and thus making gold an attractive hedge.

Comments from Dudley, often viewed as a policy dove, pushed gold prices lower by stoking sentiments that the Fed will announce plans to scale back asset purchases in early 2014, likely around March.

Elsewhere, National Association of Home Builders/Wells Fargo Housing Market Index came in unchanged in November at 54, missing analysts' calls for an uptick to 55 this month, though metals markets shrugged off the report. - investing.com

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