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Crude Oil futures edged up on a choppy day of trading, as record supply levels and geopolitical risks in Yemen remained in focus. Steady fighting in Yemen between Iranian-backed, Shiite-led Houthi rebels and Sunni-led troops from Saudi Arabia continued to boost crude prices. While Saudi Arabia foreign minister Prince Saud Al Faisal told reporters on Sunday that his country is not at war with Iran in Yemen, he insisted that Iran withdraw its political and military support of the Houthis. This came as the U.S. has expanded its role in the conflict by inspecting military targets in the area and searching nearby vessels for Iranian arms headed for Yemen.
GOLD
Gold futures slipped on Monday paring some of its gains from late last week, as a steadily appreciating dollar continued to strengthen. Meanwhile, investors looked ahead to key U.S. data later this week for further indications on the strength of the economy and the timing of an interest rate hike.
