Thursday March 11 , 2010
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Commodities

Oil Trades Near 14-Month High on Cold Snap, Economic Outlook

Jan. 5 (Bloomberg) -- Crude oil traded near a 14-month high in New York as freezing weather in the U.S., the largest energy consumer, and improving global economies bolstered the outlook for fuel demand.

Oil climbed for an eighth day yesterday after China’s manufacturing expanded at the fastest pace in more than five years. U.S. distillate fuel stockpiles may drop as cold weather moved into the country’s northeast. Beijing and Seoul were hit by the heaviest snowfall in more than a half century.

Read more: Oil Trades Near 14-Month High on Cold Snap, Economic Outlook

 

Gold May Extend Biggest Rally in Two Months as Dollar Declines

Jan. 5 (Bloomberg) -- Gold, little changed in Asia, may extend its biggest rally in two months as the dollar declines, boosting demand for the precious metal.

The U.S. currency may weaken against a basket of six counterparts after Federal Reserve Governor Elizabeth Duke said “moderate” economic growth is likely to warrant low interest rates for an “extended period.” Gold rallied 24 percent in 2009 as investors hedged against a declining dollar.

Read more: Gold May Extend Biggest Rally in Two Months as Dollar Declines

   

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