Commodity Blog

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Crude Oil Fluctuates, Wheat Rises, Gold Changed Little

April 15, 2010 at 20:53 by Vladimir Vyun

Crude oil fluctuated today around $86 per barrel as the China’s economy is widening, yet the demand for commodities as an alternative investment dwindled as the dollar rose. The China’s refiners processed 34.56 million metric tons in March, 18 percent more than in the same month in the previous year. The U.S. stockpiles of crude oil declined 2.2 million barrels (0.6 percent) in the previous week to 354 million barrels. May delivery for crude oil gained $0.15 to $85.99 per barrel by 9:53 a.m. on the New York Mercantile Exchange.

Wheat went up today as the hedge funds and other large speculators are unwinding bets on falling prices. The report showed that the speculative short positions outnumbered the long positions by 55,427 contracts in the week ended April 6th in Chicago. July futures for wheat delivery added $0.0525 (1.1 percent) to $4.925 per bushel at 10:43 on CBoT.

Gold little changed in New York today, though it may advance as the demand for the precious metal increase because of concern about the situation with the budget deficit in Greece. The European Union provided the rescue package to Greece, but speculation arose that it may be not enough the resolve the nation’s debt problem. June futures for gold delivery advanced $0.7 to $1,160.30 per ounce as of 11:55 on NYMEX.

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