Crude oil opened the morning in the green but still remains well under the $40 mark. This morning oil is at 39.39 and was unable to hold on to mid-day gains on Tuesday. Late Tuesday evening the American Petroleum Institute released their weekly numbers showing a significant drop in inventory levels
The Chinese decision to lower interest rates helped bring stability to global equity markets and as well bolstered the US dollar, following yesterday’s massive declines in global equity markets on concerns over China.
Gold continued to trickle down dipping $1.40 this morning to trade at 1136.90. Gold settled down on Tuesday amid easing anxiety of a possible stock market meltdown after China cut its benchmark interest rates to boost a faltering economy. The move encouraged investors back to equities with some bargain hunting evident in the process.