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Crude Oil Rally, Gold & Silver Carve Out Gains

January 29, 2016 at 20:33 by Vladimir Vyun

Crude oil headed to weekly gains today as speculations about a possible deal between Russian and Saudi Arabia continued to bolster prices. Additionally, data from Bakers Hughes showed that the number of US oil rigs declined by 12 this week. Contract for delivery of WTI crude oil in March gained 1.23 percent to $33.63 per barrel as of 20:26 GMT on NYMEX today. Brent crude leaped 2.48 percent to trade at $34.73 per barrel on ICE.

Gold and silver yet again showed surprising correlation with moves of the US dollar, rising during the Friday’s trading session. The Dollar Index climbed more than 1 percent intraday after the Bank of Japan surprised markets by announcing negative interest rates. April futures for gold erased previous losses, ticking up 0.1 percent to $1,117.2 per troy ounce on COMEX today. March silver added 0.37 percent to its value, trading at $14.29 per ounce.

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