Commodity Blog

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Rally of Crude Oil Continues

June 13, 2013 at 21:43 by Vladimir Vyun

Crude oil rallied today after a set of positive reports from the United States was released. The good data suggested that economy is improving and this may lead to increasing fuel usage. Stocks also gained as the Standard & Poor’s 500 Index advanced as much as 1.5 percent.

The gains were somewhat surprising as nowadays traders are cautions of good news that may convince the Federal Reserve to take away stimulus. Usually, commodities fall on such outlook. Metals certainly did not participate in the rally. Yet oil extended its yesterday’s advance today.

July futures for delivery of WTI crude oil advanced $0.86 (0.90 percent) to $96.74 per barrel as of 21:38 GMT on NYMEX today. Contract for delivery of Brent crude rallied $0.76 (0.73 percent) to $104.25 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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