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Gold Bounces After Friday’s Losses, Crude Oil Mixed

March 9, 2015 at 22:10 by Vladimir Vyun

Gold rallied today following Friday’s big losses. The most likely reasons for such behavior are the weakness of the dollar and profit-taking from those traders who were short on the metal. It is worth to remember that analysts are bearish on bullion, and the current rally is likely to be short-lived. April futures for gold ticked up 0.15 percent to $1,166.10 per troy ounce as of 21:40 GMT on COMEX today.

Meanwhile, crude oil was mixed. There are reports that inventories of crude at the Cushing Oil Hub in Oklahoma continue to growth and the storage facilities are near the limit of their capacity — bad news for the West Texas Intermediate grade of oil. Abdalla El-Badri, Secretary General of OPEC, said that demand for oil should increase in the second half of this year as supply will fall — positive comments for Brent crude. Surprisingly enough, the oil’s performance defied fundamentals as WTI was rising while Brent was falling. April futures for delivery of WTI grade of crude went up 0.85 percent to $50.03 per barrel on NYMEX. At the same time, Brent crude slid 1.82 percent to $58.64 per barrel on ICE.

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

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