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WTI Crude Rises Despite Growing Stockpiles, Gold Advances

January 30, 2014 at 6:00 by Vladimir Vyun

West Texas Intermediate crude oil rose today even as US inventories expanded more than was expected. Crude was helped by demand for distillate fuel, which reached the highest level in almost six years amid freezing temperatures in the United States. US crude oil stockpiles grew by 6.4 million barrels to 357.6 million barrels week, compared to the median forecast of 2.2 million growth. March futures for delivery of WTI crude oil rose $0.09 (0.09 percent) to $97.45 per barrel as of 5:53 GMT on NYMEX today.

Gold advanced today even after the Federal Reserve cut its stimulus program yesterday. The Fed announced that it reduces the size of its monthly asset-purchases by yet another $10 billion to $65 billion per month. The dollar did not react strongly to the news and this may explain the gold’s resilience. Contract for delivery of gold in April went up $0.8 (0.06 percent) to $1,263.0 per troy ounce on COMEX.

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