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Oil Gains as Storm Threatens Supply, Gold Still Weak

October 5, 2013 at 2:55 by Vladimir Vyun

Crude oil rallied by the end of the week on concerns that Tropical Storm Karen may hurt supply from the Gulf of Mexico. According to National Hurricane Center, the storm will make landfall on October 6. Some oil companies have started shutting down production. November futures for delivery of WTI crude rose $0.53 to close at $103.84 per barrel on NYMEX yesterday. Brent crude advanced by $0.46 to $109.46 per barrel on ICE.

Gold remained weak by the weekend. Some analysts explained this by hopes that the impact of the US government shutdown on the economy will not be significant and such outlook diminishes demand for the metal as a safe haven. Whatever the case, gold ended this week with losses and shows no sign that it may reverse its decline in the near future. December futures for gold closed lower by $7.7 (0.58 percent) at $1,309.9 per troy ounce on COMEX.

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