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Crude, Gold & Silver Gain, While Corn Drops

March 8, 2012 at 2:09 by Vladimir Vyun

Crude oil rose today as US stockpiles rose less than was predicted and after the positive news from the United States and Europe lifted traders’ mood. Gold and silver also posted gains.

US inventories of crude grew 0.8 barrels last week, compared to the average forecast of 1 million barrels. US employers added 216,000 jobs, more than 204,000 predicted by experts. Holders of Greek bonds equal to 58 percent of Greek debt agreed to participate in bond swap.

Crude oil for delivery in April advanced $1.46 to $106.16 per barrel on NYMEX. Brent crude traded near $123.83 per barrel as of 1:55 GMT on ICE after rallying from $122.19 to $124.20 yesterday. Gold was at $1,684.50 per ounce today on COMEX, following yesterday’s rally from $1,675.00 to $1,685.00. Silver was up from $32.95 to $33.40 per ounce yesterday.

Corn fell on forecast of record harvest in the USA. The commodity may yet advance as forecasters predict a decline of global stockpiles by 4.2 percent to 123.43 million metric tons by October 1 as bad weather may harm crops in Central and South America. Corn slumped from $6.5775 to $6.4375 per bushel on CBoT at the previous trading session before trading today at about $6.4350.

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