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WTI Crude Extends Gains, Gold Joins Rally

December 3, 2014 at 23:09 by Vladimir Vyun

Crude oil rallied in New York after US stockpiles shrank unexpectedly. The Energy Information Administration reported that US inventories of crude declined 3.7 million to 379.3 million barrels last week. Analysts expected an increase by 1.1 million. The report followed yesterday’s private data that also showed decline of reserves. Futures on oil continued to fall in London. January contract for delivery of WTI crude oil advanced 0.79 percent to $67.41 per barrel as of 22:49 GMT on NYMEX today. Brent crude lost 0.79 percent to $69.98 per barrel on ICE.

Gold followed crude oil in a rally even though positive macroeconomic data from the United States put pressure on the metal by making the dollar stronger. While most reports from the USA were good on Wednesday, employment data disappointed economists somewhat. It was not bad strictly speaking, but growth of employment was not as big as some experts have hoped for. February futures for delivery of gold gained 0.83 percent to $1,209.30 per troy ounce on COMEX today.

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