Black gold is doing better that yellow gold as gold hits a 5-year low overnight, but oil stays solidly above $50 a barrel. Prices failed to take out $50 a barrel after U.S. rig counts resumed their downward trend. The U.S. oil-rig count for oil fell by 7 to 638, according to Baker Hughes.
A Greek deal and a possible Iran deal is giving crude oil mixed signals. On one hand, it seems that a deal in Greece will allow the market to focus on the more positive data that has been coming out of the Eurozone.
Crude oil prices get hit hard after Greece fails to reach a deal with creditors and the country called for a referendum. It seems that Greek Prime minister Alexi Tsipras did not have the courage to make a deal and instead opted for turmoil.