Commodity Blog

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Good Trading Session for Crude, Gold & Wheat

June 29, 2011 at 20:59 by Vladimir Vyun

Crude oil advanced for the second day today as the US inventories dropped more than predicted. The Energy Information Administration reported that the US stockpiles of crude fell by 4.4 million barrels to 359.5 million barrels last week, while market participant anticipated a decline by only 1.5 million barrels. August futures for delivery crude oil gained $1.88 to $94.77 per barrel on NYMEX.

Wheat jumped to the highest level in almost six weeks as excessive precipitation in the north of the US hurt crops. The US Department of Agriculture reported that about 69 percent of the spring-wheat crops were in good or excellent condition as of June 26, compared to 72 percent in the week before. Futures for delivery wheat in September climbed $0.21 (3.2 percent) to $6.7175 per bushel as of 13:15 on CBoT.

Gold gained today as the previous drop to the lowest level in five weeks attracted investors to the metal. Futures on gold reached $1,490.80 per ounce on June 27, the lowest settlement since May 20. Futures for delivery of gold in August went up $10.20 (0.7 percent) to $1,510.40 by 13:43 on COMEX.

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

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