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Oil Advances, Wheat & Gold Decline

January 30, 2010 at 0:56 by Vladimir Vyun

Crude oil gained after the report that the U.S. economy improved at the fastest pace in six years, suggesting that demand may increase. Oil rose as much as 1.6 percent as U.S. gross domestic product went up 5.7 percent in the fourth quarter, the best performance since the third quarter of 2003. March delivery for crude oil added $0.71 (1 percent) to $74.35 per barrel as of 10:10 the New York Mercantile Exchange.

Wheat futures slid as the stronger dollar made supplies from the U.S., the largest producer of the grain in the world, less appealing to overseas buyers. The dollar gained 0.5 percent versus the basket of six major currencies. March futures for wheat delivery lost $0.045 (0.9 percent) to $4.825 per bushel at 10:20 on CBoT.

Gold fell in London as the dollar gained, decreasing the metal’s attractiveness as an alternative store of value. The dollar rose on concern that demand for European assets will decrease with Greece’s fiscal problems spreading further, while the U.S. economy advanced more than expected last quarter. Immediate delivery for gold slipped $8.17 (0.8 percent) to $1,078.93 per ounce by 15:17.

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