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Concerns About Libya Spur Oil & Precious Metals to Records

March 2, 2011 at 6:36 by Vladimir Vyun

The renewed concern about the tensions in Libya spurred precious metals, including gold and silver, and crude oil. The protesters clashed with the government forces, proving that the troubles in the country are far from ending. The US and the European Union imposed sanctions on Libya.

The protests in North Africa and Middle East were caused partly by the inflation that boosted the food prices. The inflation and worries about the possible harm that the unrest in Africa and Mideast can cause drove gold higher. Oil jumped as Libya is the one of the major exporters of the commodity and the uprising may cause disruption of supplies.

April delivery for crude oil advanced $1.01 to $100.64 per barrel in electronic trading on NYMEX, following yesterday’s rally by 2.7 percent to $99.63, the highest price since September 2008. April futures for gold delivery rose 0.2 percent to $1,434.40 per ounce in New York, after it touched the record of $1,435.60 yesterday. Spot price fir silver reached $34.74 per ounce today.

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