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Crude Oil Tumbles, Metal Market Fares Better

March 13, 2015 at 20:10 by Vladimir Vyun

Prices for crude oil sank today as the supply glut weighs on the commodity. US inventories continue to grow to new highs even though the number of rigs is falling. As for world production, the International Energy Agency reported:

Global supply rose by 1.3 million barrels per day year-on-year to an estimated 94 mb/d in February, led by a 1.4 mb/d gain in non-OPEC output.

Futures for delivery of WTI crude oil in April sank 4.21 percent to $45.07 per barrel as of 20:03 GMT on NYMEX today. Brent crude tumbled 4.38 percent to $54.58 per barrel on ICE.

The metal market fared better as both industrial and precious metals rose marginally. It was a surprise considering that the dollar was very strong today, and metals usually trade inversely to the US currency. Yet for whatever reason, metals demonstrated resilience during Friday’s trading session. Contract for delivery of gold added 0.26 percent to $1,154.90 per troy ounce on COMEX today. May silver went up 0.25 percent to $15.56 per ounce. Copper gained 0.45 percent to $2.6705 per pound.

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

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