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Crude Rallies as News Drive Investors to Buy Commodities

October 1, 2012 at 19:48 by Vladimir Vyun

Crude oil rallied today, following two sessions of decline, as the market sentiment was positive for raw materials. The news from the United States and Europe was good, increasing investors’ willingness to buy riskier assets.

US manufacturing showed signs of improvement as the ISM PMI rose to 51.5 percent in September from August’s 49.6 percent. A value above 50.0 percent indicates expansion. Market analysts believed that the index would stay little changed.

Europe, for a change, was also a provider of good news today. The stress test of Spain’s banks showed that the capital deficit is not as big as was estimated earlier. The news was well-received by markets and crude rallied to the highest level in almost two weeks.

Crude oil (light sweet) rose from $91.37 to $92.23 per barrel as of 19:42 GMT on NYMEX today. The daily maximum of $93.29 was the highest since September 21.

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

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