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COMMODITIES-Oil down on Libya, Iran; gold up 2nd day on Fed move
September 19, 2013 / 10:05 PM / 4 years ago

COMMODITIES-Oil down on Libya, Iran; gold up 2nd day on Fed move

By Barani Krishnan
    NEW YORK, Sept 19 (Reuters) - Oil prices tumbled on
Thursday, giving back the bulk of the previous session's gains,
after Libyan output increased and  tensions over Iran eased
while gold extended its run-up on the Federal Reserve's decision
to keep the U.S. stimulus intact.
    Copper rallied, too, hitting three-week highs, as traders
and investors reacted for a second day to the Fed's surprise
decision, although some were wary of how much the metal's prices
could rise near term.
    The 19-commodity Thomson Reuters-Jefferies CRB index
 rose 0.33 percent -- adding to Wednesday's 1 percent
gain -- as raw sugar, wheat, corn, arabica
coffee and live cattle also finished higher.
    Early in the oil market session, investors bought contracts
to cover short bets. Once that buying dried up, they trained
their sights on increased oil production out of Libya and some
progress in diplomatic relations with Iran, said Gene McGillian,
an analyst with Tradition Energy in Stamford, Connecticut.
    "It's pretty clear the short covering after the Fed
announcement evaporated early in the morning, then the buying
pressure in the market was gone," McGillian said. "The return of
Libyan oil and talks between the U.S. and Iran brought some
sellers back in."
    Benchmark Brent crude oil out of Europe's North Sea 
settled down 1.7 percent at $108.76 a barrel.
    U.S. crude fell 1.6 percent to $106.39.
    Both crude grades had risen more than 2 percent in the
previous session.
    In gold, futures of the precious metal traded on New York's
COMEX settled up $61.70 at $1,369.30.
    In Wednesday's session, the spot price of bullion 
surged more than 4 percent for its biggest daily rise since June
2012.
    Three-month copper on the London Metal Exchange 
closed at $7,335 a tonne in official rings, versus Wednesday's
close of $7,184.
    
 Prices at 5:46 p.m. EDT (2146 GMT)      
                              LAST/      NET    PCT     YTD
                              CLOSE      CHG    CHG     CHG
 US crude                      0.00     0.00   0.0% -100.0%
 Brent crude                 108.79    -1.81  -1.6%   -2.1%
 Natural gas                  3.720    0.000   0.0%   11.0%
 
 US gold                    1369.30    61.70   4.7%  -18.3%
 Gold                       1364.34    -0.20   0.0%  -18.5%
 US Copper                     3.35     0.07   2.0%   -8.4%
 LME Copper                 7335.00   151.00   2.1%   -7.5%
 Dollar                      80.369    0.133   0.2%    4.7%
 CRB                        290.512    0.971   0.3%   -1.5%
 
 US corn                     459.50     3.25   0.7%  -34.2%
 US soybeans                1339.50    -8.25  -0.6%   -5.6%
 US wheat                    657.00    10.50   1.6%  -15.6%
 
 US Coffee                   111.30     0.00   0.0%  -22.6%
 US Cocoa                   2576.00     0.00   0.0%   15.2%
 US Sugar                     17.17     0.28   1.7%  -12.0%
 
 US silver                   23.242   23.027   1.7%  -23.1%
 US platinum                1473.00    47.80   0.0%   -4.3%
 US palladium                736.55    35.10   5.0%    4.7%

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