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Gap Between WTI & Brent Crude Widens, Gold & Silver Down

November 27, 2013 at 23:25 by Vladimir Vyun

Prices for Western Texas Intermediate grade of crude oil fell today as US stockpiles increased. At the same time, Brent crude gained, making the gap between the grades widest in eight months. The inventories swelled by 3.0 million barrels to 391.4 million barrels last week, exceeding the median forecast that promised just 0.5 million growth. Oil was also under selling pressure after the Iranian agreement. Futures for delivery of WTI crude oil in January lost $1.38 (1.47 percent) to $92.30 per barrel on NYMEX today. Meanwhile, Brent crude gained $0.62 (0.56 percent) to $111.54 per barrel on ICE.

Gold and silver were down today as US consumer confidence surged, resulting in speculations that the Federal Reserve will be able to tamper quantitative easing next month. The University of Michigan consumer sentiment index advanced from 73.2 in October to 75.1 in November. The report said:

Consumer confidence rebounded in late November, shaking off the last remnants of the federal shutdown. The November increase was due to an improved outlook for the economy, with the gains primarily among upper income households.

Previously, gold was rising on signs of increasing imports in China. February contract for delivery of bullion slid $3.6 (0.29 percent) to $1,237.9 per troy ounce on COMEX today. March silver dropped as much as $0.21 (1.06 percent) to $19.68 per ounce.

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