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Energy Market Joins Rally

April 28, 2015 at 18:15 by Vladimir Vyun

Commodities, which were under pressure during the first half of the current trading session, rallied currently on the back of the dollar’s weakness. The metal market demonstrated gains, and the energy market joined the parade as crude oil rebounded after the earlier losses. At least, West Texas Intermediate oil bounced while Brent crude slipped back below the opening level recently. June futures for delivery of WTI crude oil were up 0.12 percent to $57.06 per barrel as of 18:02 GMT on NYMEX today. At the same time, futures for the Brent grade slipped 0.03 percent to $64.81 per barrel on ICE.

Natural gas also rallied as traders were attracted to cheap valuation after the recent drop of prices. The commodity lost almost 6 percent of its value in April and reached $2.488 yesterday — the lowest level since June 2012. Today, May contract for natural gas gained 0.8 percent to $2.51 per million British thermal units on NYMEX.

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

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