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Thursday, August 18, 2011

MCX Commodity Market Updates | Crude Oil Tips

Precious metals rose today as risk-averse investors sought refuge in the precious metal from concerns over the lingering euro zone debt crisis and losses in assets seen as higher risk, like stocks.

Base metals
sagged today as the euro zone debt crisis and worries about economic slowdown in top consumer China reinforced gloomy growth and demand prospects, while a higher dollar also undermined sentiment.

Crude oil
fell today, dropping from their highest levels in about two weeks, with worries about euro zone debt problems and slower global growth outlook pressing on prices.

Crude Oil rose Wednesday as traders focused on an unexpectedly large drop in gasoline supplies and a weaker dollar. Benchmark West Texas Intermediate crude for September delivery rose 93 cents to finish at USD 87.58 a barrel on the New York Mercantile Exchange. In other Nymex trading for September contracts, heating oil rose 2.9 cents to settle at USD 2.9616 per gallon and gasoline futures increased by 1.65 cents to settle at USD 2.8703 per gallon. Natural gas rose less than a penny to settle at USD 3.933 per 1,000 cubic feet.

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