Crude Oil Firms as Ice Storm Raises Demand

Commodities firmed with US crude oil prices soaring to a 4-month high as ice storm hit the southeastern US and the OPEC raised it demand growth forecast for this year. Meanwhile, crude stockpile at Cushing as well as distillate inventory were reported to have dropped last week. Gold rose to a new 3-month high on technical buying and as the US dollar mixed. Wall Street slipped in the absence of meaningful dataflow.

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Crude Oil Firms as Ice Storm Raises Demand