Abundant oil supply depresses oil prices

On Monday, Gold surged to its most powerful level in more than a week following a missile hit in Yemen during the weekend igniting geopolitical uncertainties and supporting the metal’s safe-haven demand. Spot gold went up 0.3% at $1,560.88 per ounce, following a touch of its most powerful level since Jan. 10 at $1,562.50 in the beginning of the trading session after that the yellow metal retraced back to $1561.09. U.S. gold futures were even at $1,560.19.

Boeing is in discussions with banks to acquire a credit of more than $10 billion according to people close with the subject, while the company needs to overcome increasing critical expenses arising from two deadly crashes of its 737 Max aircrafts.

Boeing has received more than $6 billion from banks so far, and is talking to other banks for more. The company this month has stopped the production of the problematic planes while the grounding extends beyond a year.