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Crude Oil Rallies on Geopolitical Tensions, Gold Retreats

July 18, 2014 at 5:26 by Vladimir Vyun

Crude oil gained today on increasing concerns about geopolitical risks in Eastern Europe and Middle East. Gold also rose initially but retreated as of now. It looks like the energy and precious metal markets regained risk premium that was supporting them before.

Concerns about the conflict in Ukraine increased after a Malaysian passenger jet crashed over Ukraine. There are speculations that the aircraft was shot down. Meanwhile, Israel sent military forces to Gaza Strip aiming to attack Hamas rocket facilities.

August futures for WTI crude oil rose 0.38 percent to $103.58 per barrel as of 5:13 GMT on NYMEX today. September futures for Brent crude gained 0.32 percent to $108.24 per barrel on ICE. August contract for delivery of gold fell 0.25 percent to $1,313.60 per troy ounce on COMEX today after climbing 1.5 percent yesterday.

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