Commodities Remain Strong as USD Slumps

Crude oil pared gains as European bourses eased a tad amid declines in the banking sector. Currently trading at 83.6, the front-month WTI contract rallied to as high as 84.12 earlier in the day as risk appetite soared and USD slumped. Along with the IEA and the OPEC, the EIA raised its global oil demand forecasts for 2010 and 2011. Robust market sentiment shrugged off OPEC's decision to keep the production quota unchanged. Gold made a new all-high of 1388.1 today as the dollar index plummeted to a 10- month low of 76.26. Others in the precious metal complex also rallied with silver finding new grounds at a 30-year high and palladium staying at elevated level after rallying to the highest level in 9 years last week.

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Commodities Remain Strong as USD Slumps