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Crude Oil & Gold Rise on Increasing Demand

February 16, 2011 at 5:30 by Vladimir Vyun

Oil rose after report that inventories of the US declined, causing the speculation that demand in the US increased. The American Petroleum Institute reported that US stockpiles decreased by 354,000 barrels last week. The report by the Energy Information Administration expected to show an increase by 1.8 million. March contract for delivery of crude oil rose $0.45 to $84.77 per barrel in electronic trading on NYMEX.

Gold gained as increasing consumer prices spurred demand for the metal as a hedge against inflation. Inflation in the US climbed to the highest level in two years, while Chinese inflation jumped to the six-year high. Growing food prices spurred protests in North Africa and the Middle East. April futures for gold delivery gained $9 (0.7 percent) to $1,374.10 per ounce by 13:42 on COMEX.

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