Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


US Durable Goods Orders Support Crude Oil’s Rally

March 26, 2013 at 22:16 by Vladimir Vyun

Crude oil jumped today as positive reports from the United States improved prospects for fuel demand. US durable goods orders edged up 5.7 percent in February, compared to the median forecast of 3.9 percent. US stock markets added to good news as the Standard & Poor’s 500 Index rallied 0.8 percent.

Cyprus remains a source of confusion and uncertainty on markets. The terms of the bailout for the country included losses for private sector, making investors worried. Yet currently it looks like fear abated and risky assets, including raw materials, are again in favor of traders.

May futures for delivery of WTI crude oil jumped as much as $1.53 (1.61 percent) to $96.34 per barrel as of 22:09 GMT on NYMEX today. May contract for Brent crude advanced $1.18 (1.11 percent) to 109.37 on ICE.

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

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