Hey guys, how are you doing. We have good news for those of you who like to trade commodities these days.
Demand and supply go hand in hand, if there is huge supply and not enough demand the price of that commodity dips and that is what is happening with oil. The Energy Information Administration showed the US crude supplies have risen by 6.1m barrels in the week ending 16 January.
After declining throughout the day, oil price steadied due to comments from White House spokesperson, Robert Gibbs saying that the government will soon introduce measures to tackle the economic slowdown crisis. Crude oil for March delivery finished at $43.67 in New York trading, up 12 cents.
Gold was not as lucky as oil in sneeking some last minute gains yesterday, as dollar took a stand against the euro. The February contract for gold rose $8.70 to $858.80 an ounce.
Cheers!
Barbie
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