Date: Wednesday 09 Jun 2010
Investors weighed up Federal Reserve Chairman Ben Bernanke's comments that he did not expect the US economy to fall back into recession alongside lingering fears about global outlook.
Crude oil for July delivery added 55 cents to settle at $71.99 a barrel on the New York Mercantile Exchange.
Oil prices firmed ahead of industry weekly inventory supply and demand data. After the market close the American Petroleum Institute issued its weekly report showing a steeper than expected 4.54m barrels decline in oil inventories.
The Energy Information Administration also released its monthly energy outlook report in which it lowered government oil price forecasts for the second half of 2010.
Gold struck an all time record high on Tuesday as fears about economic instability in Europe drove safe haven demand.
Persistent fears about the state of European economies continued to plague investors with focus now turning to the UK after comments from the ratings agency Fitch that the country’s deficit challenge is ‘formidable.’
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