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Crude Oil & Copper Rebounds as Tensions Around Greece Ease

May 28, 2012 at 23:30 by Vladimir Vyun

Commodities, including copper and crude oil, rose today as worries about the crisis in Europe eased. That was a third day of gains for oil and copper.

There are hopes that Greek voters will support austerity measures required for bailout. The fears of Greece exiting the eurozone were fueling risk aversion, hurting commodity prices, and now, as that concerns are muted, raw materials slowly regain strength. Greece still remains a source of great uncertainty on markets, though, and good market sentiment is not guaranteed to persist for long.

Oil also advanced as tensions around Iran returned. The Iranian government was talking with representative from China, Germany, France, Russia, the UK and the US in Baghdad last week, but failed to reach an agreement. The parties will return to discussion on June meeting in Moscow.

July futures for delivery of crude oil went up $0.28 (0.3 percent) to $91.14 per barrel as of 13:14 on NYMEX. Brent crude advanced from $106.80 to close $107.26 per barrel today on ICE. Copper was at $3.4755 per pound on COMEX.

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

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