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Oil Rises Above $80, Gold Near Record High on Dollar
Christian Schmollinger and
Kim Kyoungwha
Bloomberg
Tuesday, Oct 20th, 2009
Oil rose above $80 a barrel for the first time
since October last year in New York while gold traded near an
all-time high as the dollar slipped to a 14-month low against
the euro, boosting the investment appeal of commodities.
The dollar index, which measures the greenback again six major
currencies, fell to its lowest since August 2008, declining
0.4 percent 75.181 at 3:40 p.m. in Tokyo. Other commodities
also posted gains, with copper making a six-week high in Shanghai,
rubber advancing to the most in a year and corn reaching the
highest in three months.
“The dollar seems to be trending in the 75 to 76 range
against the basket and I’m looking for further downside
on that, so I expect it will underpin oil prices,” said
Peter McGuire, a managing director at CWA Global Markets Pty
in Sydney in an interview with Bloomberg Television. “Certainly
demand is going to increase in the coming years.”
Crude oil for November delivery rose as much as 44 cents, or
0.6 percent, to $80.05 a barrel in electronic trading on the
New York Mercantile Exchange, the first time the front-month
contract has traded above $80 since Oct. 14, 2008. It was at
$79.80 a barrel at 2:49 p.m. Singapore time. Gold for immediate
delivery was up 0.3 percent at $1,066.97 an ounce at 2:50 p.m.
in Singapore, after earlier showing a loss of 0.2 percent.
Full
article here
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INFOWARS:
BECAUSE THERE'S A WAR ON FOR YOUR MIND
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