Published on Wed, Feb 03, 2010 at 08:34 | Source : CNBC-TV18
Updated at Wed, Feb 03, 2010 at 08:35
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Crude jumps over 3% on rise in inventories
Crude prices rose more than 3%, gaining for the second session on the back of optimism surrounding economic recovery and weakness in the dollar. Currently NYMEX crude is trading at USD 76.8 a barrel.
Crude prices rose more than 3%, gaining for the second session on the back of optimism surrounding economic recovery and weakness in the dollar. Currently NYMEX crude is trading at USD 76.8 a barrel.
In the metal universe, copper gained marginally. Aluminium, nickel, tin and zinc also rose.
The dollar fell against the euro supported by a narrowing in Greek government bond yield spreads over German debt, ahead of the European commission's reaction to Greece's internal plan to strengthen its finances.
By Manisha Gupta, Commodities Editor at CNBC-TV18
Commodity complex
The Reuters CRB Index rose 1.9%.
Crude rallied 3%, as API showed increase in inventories by 4.72 million barrels. US gasoline demand rose to 2-month high.
Base metals
LME aluminium gained 1.7%. Copper was up 0.4% to USD 6815/tonne.
