Commodities Decline as EU Meeting Made no Progress, US Stimilus Triggers Profit-taking
BonTradeCorrection was seen in several commodity complexes as elevated price levels triggered profit-taking. The front-month contract for WTI crude oil surged to 90.76, the highest level in more than 2 years, as US President Barack Obama said he will agree to extend tax cuts. Gains were erased later in the day as US dollar rebounded sharply and the EU meeting made no progress on dealing with sovereign crisis. The WTI contract ended the day at 88.69, down -0.77%.
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Commodities Decline as EU Meeting Made no Progress, US Stimilus Triggers Profit-taking
