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Commodities Briefing - Categorized | Oil, Trends more

Is crude oil ready for further growth?

Posted on 08 October 2013

One of the major events recent was the first US government shutdown in 17 years. Light crude dropped to a new monthly low at $101.05 on concerns that this event would reduce demand for black gold in the world’s largest oil consumer market. In the previous week, the yellow metal also declined and dropped below $1,300 per ounce.
Despite these declines, on Wednesday, both commodities rebounded sharply supported by a weaker US dollar as commodities priced in the greenback became less expensive for holders of other currencies. Additionally, in the second half of the previous week, there was similar price action in both cases………………………………………..Full Article: Source


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VRS - who has written 36995 posts on Opalesque Commodities Briefing.


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