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Gains of Crude Oil & Gold on Renewed Concerns About Libya

March 22, 2011 at 2:26 by Vladimir Vyun

Crude oil and gold jumped after the forces of the coalition, which includes the US, the UK and France, performed the air strikes on the Libyan troops loyal to Muammar Qaddafi. Qaddafi said that the coalition is “the party of Satan”. Bahrain’s government announced the three-month state of emergency on March 15. Yemen’s President Ali Abdullah Saleh fired his cabinet and may face an uprising.

The growing tensions in North Africa and Middle East increase demand for gold as a safe haven. As many of the countries facing revolts are exporters of oil the concerns about disruption of supplies grow.

April delivery for crude oil rose $0.14 to $102.47 per barrel in electronic trading on NYMEX. May contract for Brent oil advanced $1.03 (0.9 percent) to $114.96 per barrel on ICE yesterday. April futures for gold delivery gained $10.30 (0.7 percent) to $1,426.40 per ounce by 13:47 on COMEX.

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