Thursday, October 22, 2009

Commodities Round up (Thu, Oct 22, 2009,)

Commodities: Crude tops $81, Gold rises

Crude oil prices settled at a one-year high on Wednesday, marching above $81 a barrel, after weekly government supply data and as Wall Street enjoyed gains until the last hour of trading.

Crude for December delivery, the new front-month contract, rose $2.25 to $81.37 a barrel on the New York Mercantile Exchange, a one year closing high.

Data from the Energy Information Administration showed crude inventories rose 1.3m barrels in the week ended 16 October against forecasts of a 2.2m barrel increase as import levels fell.

The EIA also showed than a larger than expected 2.3m barrel decline in gasoline stocks last week.

Early gains on Wall Street, prompted by another rush of third quarter earnings, and a weak dollar also spurred demand for the black stuff.

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