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Crude Oil Rallies, Gold Falls on Friday

September 26, 2015 at 0:05 by Vladimir Vyun

Futures for crude oil rallied during Friday’s trading. Bake Hughes reported that the number of US oil rigs fell by four this week from the week before. The data followed the report earlier this week that showed a drop of US inventories of crude. November contract for delivery of WTI crude oil gained 1.76 percent to $45.70 per barrel on NYMEX. Futures for Brent crude advanced 0.89 percent to $48.60 per barrel on ICE.

Meanwhile, gold declined. Bullion retreated following Thursday’s comments from Janet Yellen, Chairperson of the Federal Reserve, that signaled about a decent probability of an interest rate hike this year. Speculations about monetary tightening intensified after the final revision of US gross domestic product showed faster growth in the second quarter of 2015 than had been previously estimated. Futures for delivery of gold in December slid 0.71 percent to $1,145.60 per troy ounce on COMEX.

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