New York, NY (BBN)- Crude oil futures advanced as a weaker dollar bolstered the appeal of commodities. Crude prices rose during the week to USD 81.37 a barrel in the Comex division of New York Mercantile Exchange, the highest since October 2008.
However, crude retreated to USD 80.59 per barrel during the end of the week as USD pared some of its losses, according to reports.
Gold futures seesawed, reaching as high as USD 1,067 an ounce over the week. Gold declined towards the end of the week to as low as USD 1,053.75 per ounce as a rebounding dollar eroded the metal’s appeal as an alternative investment. The metal closed the week at USD 1,054.30 an ounce.
Copper futures advanced to USD 6,345.75 per ton last week. The metal rose to a 13-month high of USD 6,665 a ton on the back of a weaker dollar and increased production in China, the world’s biggest copper consumer, which is spending USD 586 billion on infrastructure to stoke economic growth.
BBN/SS/SI/AD-24October09-2:43 pm (BST)