Research Dept. News
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Monthly Report, num 330 - December 2009
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International review - Raw materials
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Oil holds on to its gains
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The price of crude remains at 78 dollars, twice its price at the start of the year.
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Oil prices remained stable for a time after months of continual rises. Between 20 October and 19 November, crude was up 1.0%, reaching 77.65 dollars per barrel (Brent quality, one-month deliveries). Crude has therefore accumulated an increase of 98.6% in the current year and a year-on-year rise of 51.1%.
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Higher oil prices and commodity prices in general are in response to the recovery in world demand, particularly in industrial production. The relative lack of inflationary tension in the short term and the signs given out by central banks, suggesting that lax policies will be maintained, have also pushed prices up, while gold benefitted from the weak dollar.
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The upswing in industrial production is pushing up commodity prices.
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Commodity prices continued to rise in general. The Economist commodity price index rose 2.4% between 20 October and 19 November, taking the increase for the current year to 31.3%. Gains in gold were particularly significant, reaching new record highs, as well as wheat, whose prices rose 22.7% in the last month, while base metals were also up, with the exception of nickel.
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