Commodity Blog

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Commodities Reverse Movement

March 4, 2014 at 21:36 by Vladimir Vyun

Commodity markets were in turmoil because of the conflict between Russia and Ukraine. Yesterday, it looked like the countries were on the brink of war, but today Russia was pulling off its troops from the border with Ukraine. Fear, which was driving markets previously, receded as a result.

The change in the geopolitical situation reflected on commodities in a big way. As was expected, the improvement of political climate made precious metals lose gains. Crude oil also posted massive losses as it looks like there will not be a disruption of oil supply from Russia.

April futures for gold sank $15.5 (1.15 percent) to $1,334.8 per troy ounce as of 21:31 GMT on COMEX today. May contract for silver lost $0.07 (0.31 percent) to $21.18 per ounce. April WTI oil subtracted as much as $1.64 (1.56 percent) to $103.28 per barrel on NYMEX. Brent crude declined $2.03 (1.83 percent) to $109.17 per barrel on ICE.

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

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