Commodities markets summary

A summary of trading in key commodities markets overseas: ENERGY Oil prices have turned higher on unrest in exporter Libya and as the market expected another rise in US inventories. In New York trade, West Texas Intermediate (WTI) for April delivery rose US93 cents to $US50.52 a barrel. European benchmark Brent North Sea crude for April leaped $US1.48 to $US61.02 a barrel in London. Militia warplanes attacked a major oil export terminal in Libya but were driven off by anti-aircraft fire without being able to hit their targets, a spokesman for guards there said. PRECIOUS METALS Gold is down a shade, following a brief bout of selling in choppy dealings after the metal had recovered from early losses that pulled it below $US1,200 an ounce. Spot gold was down 0.3 per cent at $US1,202.95 an ounce at 3.09 pm EST (2009 GMT), having dropped by nearly one per cent to a session low of $US1,194.90. The market again turned lower when it dropped nearly $US7 within four minutes just before 11 am EST for no apparent fundamental reason, traders said. “Prices … seem to be forming a nice technical base in the low $US1,190s,” Deutsche Boerse’s MNI senior analyst Tony … continue reading

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