| CATEGORY: COMMODITIES |
Commodities: Oil up again, Gold hits new high |
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Thu 19 Nov 2009
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LONDON (SHARECAST) - Crude oil futures rose on Wednesday, for the third straight session, after the latest weekly stockpile report revealed a decline in US fuel inventories.
Crude oil for December delivery rose 56 cents to end at $79.58 per barrel. Earlier in the session it hit a high of $80.33 a barrel.
Data from the Energy Information Administration showed crude inventories fell 900,000 barrels in the week ended 13 November, despite forecasts of a slight gain.
Gasoline stockpiles saw a decline of 1.7m barrels while distillates saw a drop of 300,000 barrels, the EIA data also showed.
The weaker dollar also lifted support for oil prices and outweighed concern about the economic outlook. Weak housing figures spooked traders. Housing starts fell by 10.6% from a year earlier in October compared with a 1.6% rise in September.
A separate consumer price inflation report came in better than expected, rising 0.3% in October year-on-year, compared with expectations of a 0.2% rise. The data pushed US equities lower and weighed on the already weakened dollar.
Gold rose to yet another all time high on Wednesday, with the December contract settling up $1.80 at $1,141.20 an ounce on the Comex division of the New York Mercantile Exchange.
Gold hit an intra-day high of $1,151.20 an ounce as it continued its record breaking streak. Gold has been driven sharply higher since the start of October as investors move out of dollars.
Silver and copper also rose.
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