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Poor Trading Session for Crude Oil, Gold & Natural Gas

June 26, 2014 at 19:27 by Vladimir Vyun

Crude oil dropped today on speculations that the conflict in Iraq will not disrupt supply from the country. In fact, Oil Minister Abdul Kareem al-Luaibi promised that exports will even increase next month. August futures for delivery of crude oil fell 0.75 percent to $105.70 per barrel as of 19:09 GMT on NYMEX today. Contract for Brent crude lost 0.77 percent to $113.12 per barrel on ICE.

Gold fell as the number of jobless claims in the United States was smaller last week than the week before. It somewhat alleviated concerns about struggling economic recovery and reduced demand for safety of precious metals. In such environment investors prefer to put their money into assets with higher yield like stocks. August gold declined $0.48 percent to $1,316.20 per troy ounce on COMEX.

Natural gas was another loser today as the increase of US stockpiles beat forecasts. The Energy Information Administration reported today that inventories expanded by 110 billion cubic feet last week, while experts counted on somewhat smaller increase by 105 billion. July contract for natural gas sank 3.36 percent to $4.40 per million British thermal units on NYMEX today.

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