FXstreet.com (Athens) – Oil in both sides of Atlantic moves higher today after yesterday’s sharp losses alongside with gold. Crude oil is trading higher on mid European Wednesday trading session, mostly due to the general risk on mood, as well as on the American dollar’s pullback. Briefly, crude oil is heading at $94.17/brl, up 0.89%, while Brent is heading also higher at 106.12, up 0.72%. On Tuesday, U.S. crude oil futures settled at their lowest point in five months pressured by forecasts for rising supplies and continued weak demand as Gulf Coast refineries were expected to remain offline at least through the end of this week. Pertaining to gold, gold is trading likewise oil prices, on the upper level, at 1318.30, up 0.53%. Market participants among other factors could attribute the gold’s uprend shift behavior to the fact that the precious metal prices fell on Tuesday for a seventh consecutive session (as a combination of the resurgent dollar, technical selling and lackluster fund interest extended the precious metal's losing streak).

Source