Unexpectedly bad economic data sent crude oil to a new recent low and gold to a new recent high. Of note has been silver, which fell for the second day despite strong gold prices. Commodities – Energy Crude Oil Tumbles on Dismal Data Crude Oil (WTI) - $74.45 // $0.02 // 0.03% Commentary: A significant drop in equity markets sent crude oil tumbling on Thursday. The commodity fell $0.99, or 1.31%. Markets are now intensely focused on the U.S. economy and the likelihood of a double dip recession. Economic readings only bolstered the bears’ case, as jobless claims surpassed 500,000 for the first time since November 2009 and the Philadelphia Fed survey actually indicated contraction in the manufacturing sector in the Philly area for the first time since July. Look for the economic outlook to continue to drive prices for equities and crude oil in the near-term. Technical Outlook: Prices have taken out the bottom of a rising channel established since late May clearing the way for move lower to challenge $72.07. Near-term resistance lines up at the $75.00 figure.

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