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Fluctuation of Oil; Gain in Copper & Gold

August 4, 2009 at 20:42 by Vladimir Vyun

Drop of U.S. incomes and increase of pending home resales cause oil to fluctuate today. Oil rebounded after the National Association of Realtors reported about increase in the number of contracts to buy previously owned homes but then dropped after the Commerce Department said that personal incomes slipped. September delivery for crude oil dropped $0.07 to $71.51 per barrel by 11:29 on the New York Mercantile Exchange.

Increase of home sales in U.S. causes copper to gain today. As builders are the biggest users of copper in the U.S. increase in pending home sales cause speculation that global demand for the metal would go up. September delivery for copper increased $0.0185 (0.7 percent) to $2.757 per pound as of 12:07 on NYMEX.

Gold gains as dollar continues to fall today. As dollar stays near 10-month low gold climbed to the highest in eight weeks making precious metal popular alternative investment. December delivery for gold gained $8.40 (0.9 percent) to $967.20 per ounce at 12:31 p.m. on NYMEX.

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

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