Oil Rises on QE Hopes while Gold Tumbles on Profit Taking

24 August 2011 24 August 2011

SondraHunter

In the commodity sector, oil prices strengthened as led by stock markets and decline in crude inventory in the US. The front-month contract for WTI crude oil rose for a third consecutive day to a 3-day high of 86.39 before settling at 85.44, +1.21% while the equivalent Brent crude contract soared above 110 for the first time in 3 days and closed at 109.3, up +0.88%. Gold slumped on profit-taking yesterday after rising to a record high of 1917.9.