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Crude Oil Falls, Gold & Silver Hit Records

September 17, 2010 at 23:25 by Vladimir Vyun

Crude oil slipped today to the lowest level in two weeks as concerns about slowdown of the US economy damped demand for the fuel. The Reuters/University of Michigan Consumer Sentiment unexpectedly fell from 68.9 in August to 66.6 in September. Gasoline consumption in the US was 9.23 million barrels per day in August, compared to 9.3 million in the same period a year ago. October delivery for crude oil fell $0.91 to $73.66 per barrel on NYMEX, the lowest level since August 31st.

Gold hit today a record for the third time this week as demand for the metal as a safe haven increased. Silver touched the highest level since 1980. The Federal Reserve was keeping the benchmark lending rate unchanged for almost two year and may resume buying of the Treasury securities. December futures for gold delivery went up $3.70 (0.3 percent) to $1,277.50 per ounce by 13:45 on COMEX. December futures for silver delivery gained $0.045 (0.2 percent) to $20.816 per ounce, the highest price since October 1980.

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