Commodities weakened in European session as USD continued to rebound. Crude oil fell to as low as 80.88 as China stepped up policies to cool economic growth. Asian bourses also fell amid worries that expansion from the world’s largest growth drive will slow. Speculations that the OPEC will leave production quota at the meeting later this week also acted as a reason for profit-taking. Gold slipped for the first time in 3 days as recovery in the dollar reduced the metal’s appeal. While consolidation below the record high of 1366 may continue for several days, gold’s long-term uptrend remained unchanged.
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Oil Fluctuates with a Soft Tone as OPEC Signals to Keep Quota Unchanged
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