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Commodities Rally as USA & Europe Lift Traders’ Mood

February 17, 2012 at 1:38 by Vladimir Vyun

Positive economic data from the United States and good news from Europe boosted commodities, including crude oil. Precious metals also benefited from improving market sentiment as the dollar declined, increasing appeal of alternative assets.

The European Central Bank swapped Greek bonds for new securities. Economists said that such measure may give Greece time to sort out its problems.

Unemployment claims in the USA fell from 361,000 to 348,000 last week, while analysts predicted an increase to 364,000. The Producer Price Index rose 0.1 percent in January, following the drop by 0.1 percent in the month before. Housing and manufacturing data was also favorable.

March futures for delivery of crude oil traded at $102.29 per barrel on NYMEX today, following the rise by $0.51 (0.5 percent) to $102.31 yesterday, the highest settlement since January 4. Gold spot price was $1,733.60 per ounce today on COMEX, while yesterday the precious metal advanced from $1,718.40 to $1,728.10.

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

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