Oil skids to biggest weekly loss in two years amid market turmoil

Oil prices slid more than 3 percent on Friday as U.S. futures fell below $60 a barrel for the first time since December on renewed concerns about rising crude supplies.  U.S. and Brent crude futures have slid more than 11 percent from this year’s peak in late January. Brent fell nearly 9 percent for the week while U.S. crude dropped 10 percent, the steepest weekly declines since January 2016. Futures posted a sixth straight day of losses, wiping away the year’s gains in a string of high-volume trading sessions, pressured by stronger-than-expected supply figures and a surprising ramp-up of the North Sea Forties Pipeline, which shut earlier in the week. Turmoil on Wall Street also pressured crude. During the trading session, the S&P 500 stock index .SPX fell to its lowest level since Oct. 5. [.N] The S&P recovered to end the day higher, which helped oil bounce off session lows. U.S. West Texas Intermediate (WTI) crude CLc1 settled down $1.95, or 3.2 percent, to $59.20, the lowest settlement since Dec. 22. The session low for U.S. crude was $58.07. More than 845,000 contracts changed hands in another above-average day for trading volumes. READ MORE @ https://www.reuters.com/article/us-global-oil/oil-skids-to-biggest-weekly-loss-in-two-years-amid-market-turmoil-idUSKBN1FT03T

Consumers Expected To Spend $4.7 Billion On Jewelry For Valentines

Valentine’s Day is quickly approaching and if you are struggling for the perfect gift, you can’t go wrong with jewelry as that appears to be the hot item this year. According to the National Retail Federation, U.S. consumers are expected to spending a near-record $19.6 billion on Valentine’s Day gifts, up from $18.6 billion spent last year. On average consumers are planning to spend $143.56 on gifts as more than half the population (55%) celebrate what some have dubbed a “Hallmark Holiday.” So where are consumers spending their money? Positive for the precious metals market, the jewelry sector will see the most significant chunk of holiday cash at $4.7 billion. In second place consumers are expected to spend $3.7 billion on a romantic evening out, $2 billion will be spent on flowers, consumers will buy $1.8 billion on candy and $1.9 billion on clothing. Read More @ http://www.kitco.com/news/2018-02-09/Consumers-Expected-To-Spend-4-7-Billion-On-Jewelry-For-Valentines.html

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