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Oil & Agricultural Markets Start Week Strong, Metal Market Doesn’t Join

Summary:
Crude oil started the week on a strong footing, reversing its previous losses. September contract for WTI crude climbed 1.27% to .56 per barrel as of 10:26 GMT on NYMEX today. Brent grade edged up 0.4% to .59 per barrel on ICE. Grains also rallied. Wheat was especially strong amid concerns that dry hot weather in various growing regions across the world can damage the crop. Contract for delivery of wheat in September jumped as much as 1.56% to .3875 per bushel on CBoT today. Futures for delivery of corn in December advanced 0.8% to .7925 per bushel. November soybean rose 0.76% to traded at .92 per bushel. The metal market fared far worse, with gold sliding ahead of this week’s policy meeting of the Federal Reserve, while copper slumped due to concerns about prospects for slower

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Crude oil started the week on a strong footing, reversing its previous losses. September contract for WTI crude climbed 1.27% to $69.56 per barrel as of 10:26 GMT on NYMEX today. Brent grade edged up 0.4% to $74.59 per barrel on ICE.

Grains also rallied. Wheat was especially strong amid concerns that dry hot weather in various growing regions across the world can damage the crop. Contract for delivery of wheat in September jumped as much as 1.56% to $5.3875 per bushel on CBoT today. Futures for delivery of corn in December advanced 0.8% to $3.7925 per bushel. November soybean rose 0.76% to traded at $8.92 per bushel.

The metal market fared far worse, with gold sliding ahead of this week’s policy meeting of the Federal Reserve, while copper slumped due to concerns about prospects for slower economic growth in China caused by the trade war with the United States. December contract for bullion slipped 0.13% to $1,231.1 per troy ounce on COMEX today. Copper for delivery in September dropped 0.86% to $2.778 per pound. Silver managed to avoid losses, rising 0.11% to $15.51 per ounce.

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Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

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