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Crude Oil & Gold Head to Weekly Gains

March 4, 2011 at 4:56 by Vladimir Vyun

Crude oil headed for the weekly gain as the concern about the situation in Libya reemerged. Clashes between the government forces and the rebels continue. Meanwhile, the unrest spilled over to Iran and Oman. April delivery for crude oil gained $0.58 to $102.49 per barrel in electronic trading on NYMEX.

Gold also profited from the turmoil in Middle East, heading for the best weekly gain since October. Previously the protesters stripped power from the leaders of Tunisia and Egypt. Encouraged by these events the demonstrators came out on streets in Iraq, Iran, Yemen, Oman and even Saudi Arabia, the largest producer of the Organization of Petroleum Exporting Countries. April futures for gold delivery rose 0.2 percent to $1,418.50.

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