The signs of the economic recovery in the US boosted crude oil and weakened gold. The
The improving economy promises more demand for fuel, which is good for crude, and at the same time decreases demand for safer assets, including gold. Oil is also helped by concerns about supply as the government forces in Libya threw back the rebels, signaling that the conflict won’t end soon.
May delivery for crude oil gained $1.22 to $107.94 per barrel on NYMEX, the highest price since September 25, 2008. Crude has risen 2.4 percent over the week and 27 percent from a year ago. May delivery for Gasoline advanced $0.0436 (1.4 percent) to $3.1513 per gallon, the highest level since July 21, 2008. June futures for gold delivery fell $11 (0.8 percent) to $1,428.90.
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