Commodities Fall Most in Seven Weeks After Plan to Release Crude

Commodities Jun 23, 2011 No Comments

CommoditiesCommodities dropped the most in seven weeks after the International Energy Agency announced plans to release emergency oil supplies and U.S. jobless claims rose more than economists forecast.

The Standard & Poor’s GSCI index of 24 commodities fell as much as 4.7 percent, the most since May 5, and was down 3.7 percent at 648.65 by 5:40 p.m. in London. Brent crude oil in London led the decline, falling 5.5 percent. The IEA will make available 60 million barrels of crude to alleviate possible shortages following the loss of Libyan oil.

The U.S. will release 30 million barrels from its Strategic Petroleum Reserve, as part of the IEA effort. U.S. jobless claims increased to 429,000 last week, exceeding the highest estimate in a Bloomberg News survey of 47 economists.

via Commodities Fall Most in Seven Weeks After Plan to Release Crude – Bloomberg.com.

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Rod Sherkin

Rod is a former senior executive, responsible for Purchasing, for both Pillsbury and Ball Packaging back in the 80’s and 90’s. Since then, he has continued to work in the Purchasing field as both a consultant and founder of the website Propurchaser.com.

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