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Declines of Crude Oil, Natural Gas & Gold

December 16, 2010 at 19:35 by Vladimir Vyun

Crude oil fell today as a stronger dollar damped demand for commodities. The dollar strengthened after reports today showed that unemployment claims declined and housing starts advanced in the US. January delivery for crude oil went down $0.53 (0.6 percent) to $88.09 per barrel at 10:58 on NYMEX.

Natural gas dropped to the lowest level in a month as decline of US inventories was in line with analysts’ forecast. US stockpiles of gas fell 164 billion cubic feet to 3.561 trillion cubic feet last week, while forecasts promised a decline by 165 billion. January delivery for natural gas dropped $0.176 (4.2 percent) to $4.046 per million British thermal units by 11:31 on NYMEX.

Gold slipped today as speculator performed some profit taking after the precious metal rallied earlier. Gold gained 26 percent this year and reached the all-time record high of $1,432.50 an ounce on December 7th. February futures for gold delivery slid $18.10 (1.3 percent) to $1,368.10 as of 11:50 on COMEX.

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

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