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WTI Crude Gains as Cushing Stockpiles Decline, Gold Recovers

March 28, 2014 at 2:05 by Vladimir Vyun

Gold was steady today after yesterday’s gain. The rally was a result of speculations that demand should rise after the metal would drop below the $1,300 level. Tensions between Russia and Ukraine were helping gold to increase its attractiveness as a safe haven investment. June futures for gold were little changed at $1,294.1 per troy ounce as of 1:36 GMT on COMEX today after rising 0.3 percent yesterday.

Prices for West Texas Intermediate grade of crude oil continued to rise, while Brent grade was still trading on the weak side. Oil inventories in Cushing, the delivery destination for WTI contracts, were falling and this was one of the reasons for the rally of prices. Additionally, concerns about potential disruption of oil supply from Russia were also playing in favor of oil prices. May futures for delivery of WTI crude oil rallied as much as $1.10 (1.10 percent) to $101.36 per barrel on NYMEX today. At the same time, contract for Brent crude dropped $0.11 (0.10 percent) to $107.72 per barrel on ICE.

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