Commodity Blog

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Crude Oil & Precious Metals Down Ahead of FOMC Meeting

September 18, 2013 at 1:17 by Vladimir Vyun

Crude oil dropped today (though the WTI grade is attempting to recover) as probability of a war in Syria continues to decrease, reducing risk premium on the energy market. The Middle Eastern country agreed to allow international experts to investigate and destroy chemical weapons, making military actions from the United States unlikely. Futures for delivery of WTI crude oil in October slipped $0.01 (0.01 percent) to $105.41 per barrel as of 00:52 GMT on NYMEX today. Meanwhile, August contract for Brent crude lost $0.51 (0.47 percent) to $107.68 per barrel on ICE.

Precious metals were weak today after US consumer inflation slowed last month. The US Consumer Price Index grew merely 0.1 percent in August, below the forecast and the July figure of 0.2 percent. Additionally, traders still anticipate reduction of asset purchases by the Federal Reserve and such expectations hurt metals even more. December futures for delivery of gold dropped $4.9 (0.37 percent) to $1,304.5 per troy ounce on COMEX today. Silver fell $0.18 (0.82 percent) to $21.61 per ounce.

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