Crude Oil Climbs Higher as IEA Criticized SPR Release

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Crude oil prices remained firm in European session on worries over supply disruption in the North Sea. Although market concerns eased last Friday after news that the White House would consider releasing strategic petroleum reserve ( SPR ) to meet oil demand, the International Energy Agency stated that there was "no reason" for the release. The front month contract for WTI crude oil resumed the recent rally and climbed higher to 96.53 while the Brent crude contract attempted to rise above 115. Gold gained for the 5th consecutive day on hopes of more stimuli from major central banks.

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This article appears in: Investing , Commodities

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