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Crude Oil Ends Week with Losses, Natural Gas with Gains

September 14, 2013 at 0:17 by Vladimir Vyun

WTI crude oil fell, while Brent crude rose on Friday, but both grades of oil ended the week with losses. The weekly loss was a result of the fact that the risk premium had been lost after Russia proposed a peaceful solution to the disagreements between the United States and Syria. Expectations of quantitative easing tampering from the Federal Reserve were also dragging raw materials down. The pressure was alleviated somewhat by yesterday’s poor macroeconomic reports from the USA, but it did not help crude oil much. October futures for delivery of WTI crude oil declined $0.39 (0.4 percent) to settle at $108.21 per barrel on NYMEX, while November contract for Brent oil advanced $0.15 (0.13 percent) to close at $112.78 per barrel on ICE.

On the other hand, natural gas surged yesterday and ended the week with gains. The commodity profited from forecasts of hot weather. High temperatures mean stronger demand for the power-plant fuel and, as a result, slower growth of stockpiles. October natural gas soared as much as $0.04 (1.07 percent) to the closing price $3.68 per million British thermal units on NYMEX.

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

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