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Oil Recover on Better Employment, Wheat Falls with Exports

January 7, 2011 at 6:18 by Vladimir Vyun

Crude oil rebounded from its lowest level in three weeks as positive data about US employment signals about recovery of the US economy, which may result in higher demand for the fuel. A report on January 5th showed an increase of US employment by 297,000. Non-farm payrolls today expected to show growth by 159,000. The February contract for oil delivery rose $0.69 to $89.07 per barrel on NYMEX.

Wheat declined on prediction that estimates of the US Department of Agriculture will show decline of exports from the US, the biggest exporter in the world. US exporters sold 464,700 metric tons of the grain last week, 22 percent less than the average in the previous four weeks. Now traders await a USDA report on January 12th, which may show a further decline of exports. March contract for wheat delivery lost 0.9 percent to $7.82 per bushel on CBoT.

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