The broadly based correction in commodities continued ahead of the NY session as investors used the death of Bin Laden to lock in profits from recent gains. In the energy sector, the front-month contract for WTI crude oil retreated after faltering below the 31-month high of 114.18 made last Friday. Buying interests, however, emerged above 110. Similarly, the equivalent contract for Brent crude fell to a 7-day low of 121.67 earlier in the day before recovering to around 123/124.
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Commodities Remain Soft ahead of US Trading
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