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Middle East Tensions Boost Oil, Disaster in Japan Benefits Gold

March 15, 2011 at 0:39 by Vladimir Vyun

Oil gained in New York after Saudi Arabian troops entered Bahrain. The troops were sent as a part of the regional force from the Gulf Cooperation Council to help Bahrain in quelling unrest. The wave of protest that has removed from power the leaders of Egypt and Tunisia now reached Libya, Iran Yemen, and Oman. April delivery for crude oil rose $0.68 to $101.87 per barrel in electronic trading on NYMEX.

Gold advanced as the strongest earthquake in the history of Japan boosted demand for safety. The 8.9-magnitude earthquake caused deaths of thousands and resulted in the explosion at the nuclear plant. The Bank of Japan poured ¥21 billion of excessive liquidity to help financial institutions to deal with the consequences of the disaster. April futures for gold delivery gained $3.10 (0.2 percent) to $1,424.90 per ounce by 14:05 on COMEX.

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