Oil Rises Close to $90 a Barrel as Inventories Fall; Gold Gains on Irish Worries

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Oil prices are on the rise in early morning trade and are trending closer to the psychologically critical $90 a barrel mark amid a decline in crude inventories coupled with an increase in global demand, especially in China.

Gold too is up over worries about Europe's financial situation, particularly Ireland's sovereign debt.

At 0750 ET, Brent crude is up 0.1% at $89.08 a barrel, while light sweet crude is up 0.6% at $88.30 a barrel, and natural gas is up 1.3% at $4.10 a million British thermal units.

Gold is up nearly 1% at $1,412.90 an ounce, while silver is up 2.9% at $27.64 an ounce, and copper is up 2.5% at $4.10 a pound.

Salamander Energy plc (SMDR) will buy Indonesia's Elnusa Bangkanai Energy Ltd for $11.2 million to bolster its foothold in the country. Elnusa has a 69% stake in the Bangkanai prospect that contains the Kerendan gas field, which has about 157 billion cubic feet of gas.

DNO International ASA ( DNO ) said oil exports from Iraq's Kurdish region could resume once a government is firmly established in Baghdad, according to Bloomberg.

Ship fuel supplier Aegean Marine Petroleum Network Inc ( ANW ) reported third quarter results that fell short of analysts' estimates, and has plunged over 38% before the opening bell on the NYSE.

In the mining sector, AngloGold Ashanti Ltd ( AU ) projected full year production of gold at 4.5 million ounces, which is at the lower end of its guidance due to delays and shutdowns at its mines in Ghana and South Africa. In August, the company had projected output of 4.5 million and 4.7 million ounces.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: ANW , AU , DNO

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