Oil prices tumble hitting a 3-week low today. Market participants are in the expectation of data on crude oil stocks in the USA. According to the American Petroleum Institute, oil inventories increased by 1.2 million barrels last week. Oil production seems quite profitable with current prices for companies. During the last three weeks the number of drilling rigs rose to 328 in the US.
On the Mercantile Exchange in New York oil with the delivery in July slid 1.11% to $47.95 a barrel, a low since May 23. In London Brent shed 1.49% to $49.09 a barrel. Yesterday oil fell 1.03%, the possibility of Brexit exerts pressure on commodity prices.
Gold loses ground as well, spot gold slumped to 0.28% to $1.281.80. Gold futures with the delivery in August edged down to 0.29% to $1.284.30 a troy ounce. On Tuesday gold holdings in the EFT-fund SPDR Gold Trust gained 0.27% to 898.67 tonnes. Silver prices edged down to 0.29% to $17.425 a troy ounce.