CL2V
Oil was little changed in New York as European Central Bank policy makers met to discuss a plan involving unlimited purchases of government debt to ease the region’s debt crisis.Futures traded in a $1.41-a-barrel range after two central bank officials said Germany’s Bundesbank objected to the plan. Prices initially rose 0.4 percent on the proposal by ECB President Mario Draghi, who will announce a decision at a press conference today.
Crude oil for October delivery rose 6 cents to settle at $95.36 a barrel on the New York Mercantile Exchange. Prices advanced to $95.67 earlier and dropped as low as $94.26.Futures have retreated 3.5 percent this year. Prices advanced from the settlement after the industry- funded American Petroleum Institute reported oil inventories dropped 7.21 million barrels last week to 359.3 million, the lowest level since March. The October contract was up 50 cents at $95.80 at 4:31 p.m. in electronic trading.
GOLD
Gold futures declined for the first time in three sessions as a European Central Bank plan to buy bonds as part of an economic-stimulus program lowered demand for the precious metal as a hedge against inflation. The ECB was said to propose unlimited government-debt purchases that will be sterilized, ensuring a neutral impact on the money supply by removing funds from elsewhere in the banking system.
Previously, gold reached $1,701.60 an ounce, the highest since March 13.Gold futures for December delivery fell 0.1 percent to settle at $1,694 on the Comex in New York. The commodity gained 2.3 percent in the previous two sessions. In August, the metal jumped 4.5 percent, the most since January, on speculation that the Federal Reserve and ECB will increase steps to bolster their economies.
