Rodney
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Crude Oil Rises Above $100 - 2008/09/18 20:44
Good day, ladies and gentlemen. As you can see, Oil wouldn't be less than $100 for a long time, especially these days.
Crude oil rose above $100 a barrel as the dollar extended its slump against the euro, enhancing the appeal of commodities as a currency hedge.
Crude has rallied more than $10 a barrel from its seven- month low of $90.51 two days ago. The U.S. Energy Department reported yesterday that crude oil stockpiles dropped the most since May because of disruptions from Hurricane Ike. Gold and crops also advanced today.
Oil for October delivery rose as much as $5.08, or 5.2 percent, to $102.24 a barrel on the New York Mercantile Exchange. It was trading at $101.06at 1:48 p.m. in London.
The U.S. currency slid as much as 2.6 percent to $1.4541 against the euro. Gold for immediate delivery brought its gains over two days to more than 12 percent, trading for $875.88 an ounce at 12:31 p.m. in London. Wheat rose 1.3 percent to $7.35 a bushel.
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