3/1/2016, 12:22 PM (Source: TeleTrader)
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Oil prices on rise; gold and U.S. dollar flat

Prices of crude oil returned to the slow rising path on Tuesday, as investors were still sifting through rather disappointing economic data on factory activity in China. Markets might have shifted their focus on the long-excepted freeze from the OPEC and fall in the U.S. oil production to stop the prices spilling down again.

The light sweet crude West Texas Intermediate for April delivery climbed 1.36% to $34.29 a barrel by 12:10 p.m. CET, previously hitting daily low of $33.51 at the Intercontinental Exchange Europe.

The North Sea benchmark Brent also bounced, with May delivery trading up 0.74% at $ 36.88 a barrel, after daily low of $36.26 a barrel.

The Organization of the Petroleum Exporting Countries reported its OPEC basket price of 13 crudes at $30.13 a barrel on Monday, just bit below $30.74 the previous Friday.

Meanwhile, gold retreated by just 0.18% at $1,240.26 per fine ounce 12:19 p.m. CET. Palladium rose 2.69% to $504.60 per ounce, and platinum added 0.83% to $939.76 per ounce. Silver defied by inching down 0.03% to $14.88 per ounce.

The U.S. dollar index as a comparison to all major world currencies was edging 0.03% into green territory: up 0.60% to the U.K. sterling, 0.41% against the Japanese yen, and up 0.13% compared the euro, all at 12:20 p.m. CET.

Breaking the News / ZR