Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Crude Oil Rises, Rubber Follows with Help from Japan

November 23, 2013 at 2:19 by Vladimir Vyun

Crude oil rallied as falling unemployment claims in the United States fueled optimism among traders, making them buy the commodity. The lack of progress in talks about the Iranian nuclear program added to the gains of crude. Iran is trying to convince other nations that nuclear technologies will be used purely for peaceful activities, not for nuclear weapons, but the attempts were unsuccessful so far. WTI crude oil closed at $94.84 per barrel on NYMEX. January contract for Brent oil advanced $0.97 (0.88 percent) to settle at $111.05 on ICE.

Rubber advanced on speculations that the Bank of Japan will continue to weaken the yen. The Japanese currency fell, reaching the lowest level since July. Yet BoJ Governor Haruhiko Kuroda said that the yen is not too weak. April futures for delivery of rubber gained 0.7 percent to ¥260 per kilogram on TOCOM.

If you have any questions and comments on the commodities today, use the form below to reply.

Leave a Reply