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Oil, Gold & Silver Gain, while Copper Falls on Libyan Unrest

February 23, 2011 at 2:33 by Vladimir Vyun

Oil surged on concerns that political unrest will spread throughout North Africa and Middle East. The conflict in Libya threatens oil supply as the country holds Africa’s biggest reserve. April delivery for crude oil rose $0.09 to $95.51 per barrel on NYMEX by 9:24 after jumping yesterday $5.71 to $95.42, the highest price since October 2008.

The turmoil was also benefiting to precious metal, including gold and silver. The Libyan military and security forces were attacking protesters that demanded freedom and democracy. April futures for gold delivery gained $12.50 (0.9 percent) to $1,401.10 as of 13:51 on COMEX. The price reached the record level of $1,432.50 on December 7. May futures for silver delivery climbed $0.571 (1.8 percent) to $32.856 per ounce after it reached $34.315, the highest price since March 1980.

The unrest in Libya had negative impact on copper. The industrial metal dropped in London as well as in New York. Delivery for copper in three months dropped 0.6 percent to $9,524 per metric ton on LME, while futures on May delivery subtracted 0.7 percent to $4.3320 per pound on COMEX.

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