U.S. oil prices Down, Gold Prices Rise

U.S. oil prices Down, Gold Prices Rise

 U.S. oil prices continued to fall on Tuesday (Wednesday morning GMT), as traders predict that a government report on Wednesday will show U.S. crude inventories increased.

Light sweet crude for April delivery fell 1.09 dollars to close at 100.03 dollars a barrel on the New York Mercantile Exchange, while Brent crude oil for April delivery rose 47 cents to settle at 108.55 dollars a barrel.

U.S. inventories of crude will rise to two million barrels last week, according to a market survey prior to the U.S. Energy Information Administration report on Wednesday.

Chinese trade data is unexpectedly weak in February also weighed on crude prices. Last month, the country's trade deficit reached 22.98 billion U.S. dollars, with exports down 18.1 percent and imports climbed 10.1 percent, failed to meet the expectations of economists.

China imported 23.05 million metric tons of crude oil in February, down 18 percent from January, according to the customs office.

While economic data from the United States due out on Tuesday vary.

U.S. small business optimism continues to weaken because of winter in February, the latest index fell 2.7 points to 91.4, a reading that historically have been associated with long periods of recession and slow growth, the National Federation of Independent Business said on Tuesday.

However, the U.S. Commerce Department said that wholesale trade for January rose 0.6 percent from the previous month, beating economists' expectations for a gain of 0.4 percent.

Continued concerns over the crisis in Ukraine helped support the price of Brent crude on Tuesday.

Gold futures on the COMEX division of the New York Mercantile Exchange settled up for the second consecutive session on Tuesday (Wednesday morning GMT).

The most active gold contract for April delivery rose 5.2 dollars, or 0.39 percent, to settle at 1346.7 dollars per ounce.

Concerns over Ukraine and concerns about an economic slowdown in China has increased the appeal of the "safe-haven" of gold.

Meanwhile, funds exchange-traded gold has seen a reversal of capital flows, outflows from inflows last year to this year, which indicates that investors have begun buying gold again.

Demand for gold from Asia, China in particular, are still at record or near record levels since the beginning of this year also support gold.

Investors are now waiting to see how the economic numbers to be released this week affect the Federal Reserve's monetary policy decision on March 19.

Silver for May delivery lost 9.5 cents, or 0.45 per cent to close at 20.815 dollars per ounce. Platinum for April delivery fell 12.6 dollars, or 0.85 percent, to close at 1464.6 U.S. dollars per ounce, according to Xinhua.