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Commodity Daily News
Crude Oil Sets 2-Year High
Wednesday, 10 Nov 2010
Commodity prices rose to their highest levels before falling back to close down for the day. A rally in the dollar helped to cut the floor out from underneath the commodity rally, but not before spot crude oil reached a high not seen since October of 2008. Spot crude oil rose as high as $87.62, only to end the day lower at 86.50. Trading began with spot crude oil prices at $86.83.
Spot crude oil was not the only commodity to post a new high. Spot gold rose to a new record high of $1,240.10 before finishing the day lower. Silver prices also reached a new high of $29.34.
The rally in commodities doesn't look to be over as any sign of improvement in the global economy will help to push commodity prices even higher.
