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Crude Oil Falls, Gold Carves Out Gains

June 30, 2014 at 20:35 by Vladimir Vyun

Crude oil fell today on speculations that the conflict in Iraq did not have a big impact on supply. A breakaway al-Qaeda group announced the Islamic State in parts of Iraq and Syria it seized but has not yet moved to the oil-producing regions of Iraq. Meanwhile, Iraqi military forces mount a counter-offense with help from Russia. August futures for delivery of WTI crude oil fell 0.32 percent to $105.40 per barrel as of 20:23 GMT on NYMEX today. Brent crude lost 0.75 percent to $112.45 per barrel on ICE.

Gold was able to rise today, erasing earlier decline, as the dollar fell, pushing up commodities priced in the US currency. Specialists do not think that the precious metal will able to hold onto gains for a long time as this week’s economic reports from the United States, nonfarm payrolls being the most important of them, will be supportive for the greenback. For now, though, the Commitment of Traders report demonstrates that global funds are still favor the long side. August futures for delivery of gold advanced 0.58 percent to 1,326.50 per troy ounce on COMEX today.

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