Crude oil touches 10-month high

New York, NY (BBN)– Crude oil futures advanced to a 10-month high of USD 73.89 per barrel in the New York Mercantile Exchange as reports exhibited a rise in US fuel demand.

Towards the end of the week demand for crude was curbed due to increased US fuel inventory. Crude fell further after the Chinese Government decided to curb overcapacity in steel and cement industries.

Copper futures climbed after record low interest rates combined with significant fiscal stimulus and gains in equities improved demand for industrial metals.

Copper rose by 6.02 percent to USD 6,304.50 per ton in the London Metal Exchange. Gold futures closed the week on USD 945.70 per ounce, slightly higher compared to last week.

BBN/SS/SI/AD-28August09-6:51 pm (BST) 

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