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Advance of Crude Oil & Rubber

October 13, 2010 at 6:09 by Vladimir Vyun

Crude oil rose today after the dollar weakened, increasing attractiveness of commodities as an alternative investment. Dollar Index, tracking the US currency versus major trading partners, fell to the lowest level since January on speculation that the Federal Reserve would resume its bond purchases to support the US economy. Analysts say that $80 is fair price for crude and oil will be following moves of the dollar. November delivery for crude oil gained $0.42 (0.5 percent) to $82.09 per barrel on NYMEX.

Rubber jumped today to the highest level in six months as excessive rainfall in major producing countries caused speculation that supplies may decline. Chinese production decreased because of rains, while demand in China is increasing. Rubber futures advanced 1.9 percent to 334.4 yen per kilogram ($4,084 per metric ton) in Tokyo, the highest level since April 19.

f you have any questions and comments on the commodities today, use the form below to reply.

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