Crude Oil Above $65,Gold Up 2 percent

Crude Oil for July delivery rose up $1.63 to $65.08 a barrel, the highest settlement since Nov. 5, after hitting an intraday high of $65.44 as OPEC decided to leave output unchanged and government data showed a higher drop in U.S. crude inventories than expected.London Brent crude rose $1.89 to settle at $64.39 a barrel.

Copper dropped mare than 2 percent on Thursday.Copper traded on LME at $4617 a tonne.Aluminium traded at $1404.Nickel gained to settle at 109,860 a tonne.

Gold gained 2 percent to a two month high of $964.75 an ounce on Thursday as doller extended losses.Dollar was down against euro ,down 0.4 percent.Silver was up 0.9 percent to $14.88 an ounce.Platinum was down 0.7 percent while palladium gained 0.8 percent at $225.85 an ounce.

The global downturn has weakened energy demand and Crude Oil prices have rebounded from low of $33.98 a barrel in feburary 2009 and has fallen from record highs of more than $147 in July 2008.
Thursday,28 May 2009