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Crude Rallies on News from China, Gold Follows

July 23, 2013 at 23:26 by Vladimir Vyun

Crude oil rallied today as Chinese officials promised sustainable growth. Premier Li Keqiang stated that growth should not slow below the 7 percent mark and if this level is breached the government will act. Policy makers were easing rules for banks, including abolition of lending rate floor, in an effort to liberalize the economy. Good news from the biggest Asian economy improved the market sentiment and it in turn helped fuel prices. September futures for delivery of WTI crude oil added $0.12 (0.11 percent) to $107.34 per barrel as of 23:00 GMT on NYMEX today. Contract for Brent crude rose $0.27 (0.25 percent) to $108.42 per barrel on ICE.

Gold advanced too, erasing its earlier losses. Previously, the precious metal was falling as India tightened limits on metal’s import. The Reserve Bank of India announced yesterday that it will demand from gold buyers to set aside 20 percent of the metal for re-exports as jewelry. The Indian government doubled levy on gold imports to 8 percent this year. Analysts think that such measures may reduce shipments to half or even more. December futures for delivery of gold rallied $10.10 (0.76 percent) to $1,345.30 per troy ounce on COMEX today.

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