Commodities: Oil Climbing Again With Angola Wanting to Wait Before Raising OPEC Outputs
Crude oil is higher today in New York trade, with benchmark April contract climbing $0.45 to $105.47 a barrel. Gold and silver also are higher while copper is mostly flat near $4.34 a pound.
Oil prices were slipping overnight -- continuing a trend that started yesterday afternoon -- eventually bottoming out at $104.21 a barrel near the start of the European equity and commodities markets. Prices were under some pressure after data from the American Petroleum Institute showed an increase in inventories but began to reverse course and start climbing again after Angola's oil minister reportedly said OPEC should wait to see how events unfold in Libya before deciding on any changes in output by member countries.
Brent crude is up more than $1.35 tp $1,14.410 in London trading.
Silver continues to climb, with the May contract reaching $36.32 an ounce, up $0.66, as the precious metal picks up support as an alternative to gold as a hedge against currencies. Gold added $8.80 an ounce to $1,435.70.
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