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Concern About Unrest in Libya Supports Gold & Oil

March 8, 2011 at 0:36 by Vladimir Vyun

The tensions in Libya and the concern that the unrest will spread to other countries of the region still support oil and gold. The clashes between the rebels and the government forces intensified in Libya. The United Nations estimated that 1,000 people had died as of February 26 since the uprising in Libya.

In the meantime, the unrest rises in Saudi Arabia, the major exporter in the Organization of Petroleum Exporting Countries. The protests are planned on March 11 and March 20, increasing the concern about oil supply. The accelerating inflation supports gold.

April delivery for crude oil gained $1.02 to $105.44 per barrel on NYMEX, the highest price since September 26, 2008. April futures for gold delivery added $5.90 (0.4 percent) to $1,434.50 as of 13:32 on COMEX.

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