Commodities Traded with Great Volatility amid Mixed Outlook on Geopolitical Tensions

3 May 2011 3 May 2011

BonTrade

Oil prices pared earlier losses and rebounded in US session. The front-month contract for WTI crude oil price surged to a new 31-month high of 114.83 after plunging to as low as 110.82 earlier in the day. Price, however, retreated again and settled at 113.52, Correspondingly, Brent crude jumped to 126.54 after slumping to a 2-week low of 121.67 in Asian session. The contract ended the day with modest loss at 125.12. Both benchmarks moved sideways today.