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Russia-West Tensions Boost Precious Metals & Crude Oil

March 21, 2014 at 17:08 by Vladimir Vyun

Tensions between Russia and the West are growing, boosting prices for crude oil and precious metals (with the exception of silver). Palladium was especially strong, heading to the biggest rally since October 17. The European Union joined the United States in imposing sanctions against top Russian officials. Previously, it was though that the EU would not dare to antagonize Russia, one of its biggest trading partners.

May futures for WTI crude oil advanced $0.91 (0.92 percent) to $99.81 per barrel as of 16:54 GMT on NYMEX today. Contract for Brent crude rose $0.82 (0.77 percent) to $107.27 per barrel on ICE. June contract for gold delivery went up $4.6 (0.35 percent) to $1,335.3 per troy ounce, while May silver declined $0.11 (0.51 percent) to $20.33 on COMEX. Spot price for platinum was up $3.00 (0.21 percent) to $1,434.75 per ounce. Palladium surged $19.61 (2.55 percent) to $789.45 per ounce, while intraday it reached $800.00 — the highest price since August 2011.

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