Dollar Weakness Amid Low Fed Funds Rate Buoyed Commodity Market

05 November 2009 @ 09:11 am EDT

Oil price rose to as high as 81.06 after a report showed that crude inventory surprisingly drew more than -3mmb last week. Further decline in USD as the Fed kept its dovish stance also provided a favorable environment for oil prices' rally. However, investors remained uncomfortable as price surged above 80 and profit-taking was seen thereafter. The benchmark contract settled at 80.4, up +1%.

Oil and Gold Reports contributed by Oil N' Gold

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