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Crude Oil Drops, Metals Little Changed

October 29, 2015 at 23:04 by Vladimir Vyun

Crude oil fell today while metals were little changed for the most part. The commodity market remained under pressure from the Wednesday’s policy announcement made by the US Federal Reserve. The Fed hinted that the December interest rate hike remains in the card, and that was not welcomed by most commodity traders.

Raw materials underperformed even though the US dollar declined following the release of Thursday’s economic data from the United States. In particular, it showed that US economic growth slowed from 3.9 percent in the second quarter of this year to 1.5 percent in the third quarter, missing the analysts’ projection of 1.6 percent growth a bit. Still, the drop of the greenback was not big, providing no substantial help to commodities.

December contract for gold was flat at $1,147.2 per troy ounce as of 22:59 GMT on COMEX today. Silver edged up 0.32 percent to $15.6 per ounce. Copper was little changed at $2.3215 per pound. Meanwhile, contract for delivery of WTI crude oil dropped 0.76 percent to $45.71 per barrel on NYMEX. Brent crude subtracted 0.51 percent from its value to $48.8 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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