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Oil And Construction Stabilize, Gold Fell On Wednesday While JP Morgan Chief Condemned “Childish Behavior” Of Congress

On the economic front on Wednesday, housing starts and building permits in the United States for the month of October amounted to 1.53 million and 1.545 million units respectively, against a consensus of 1.46 million and 1.56 million.

With the announcement of a weaker-than-expected increase in U.S. crude inventories last week, oil prices remained well-positioned. For the December futures contract on Nymex, the price of U.S. light crude WTI rose 0.9 percent to $41.82 per barrel, while Brent January contracts advanced 1.40 percent to $44.34.

Domestic oil inventories for the week ended November 13 increased by 0.8 million barrels to 489.5 million barrels, against a forecast of 1.6 million barrels, according to the Department of Energy. Gasoline stocks have risen by 2.6 million barrels (compared to an estimated demand rise of 0.8 million barrels), while distilled oil inventories have decreased by 5.2 million barrels compared to the previous week, against expected decrease of 1.5 million barrels.

On Wednesday, gold dropped with per ounce of yellow metal giving up 0.6% to $1,873.90 for the Comex’s December futures contract.

Meanwhile on Wednesday, Jamie Dimon, JP Morgan Chase’s much-watched chief executive, condemned “childish behavior” on the part of U.S. Congressional leaders, who have been stuck over a new stimulus plan for months. At a conference organized by the New York Times, Mr. Dimon said Can we introduce 2,200 or 1,500 billion dollars into this great debate? You want to laugh… So find a solution and move on. Our leaders are acting in a childish way.”

According to the bank official, Dimon called on Congress to vote as soon as possible on a proposal to help the economy until mid-2021, when mass vaccinations are well under way. He urged not to shout victory too soon, accepting the possibility of getting at least two successful vaccines. On the opposite,’ now is not the time to behave as if it’s done, but it’s time to go the extra mile to get as best as possible through this Covid crisis.’

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