By Craig James
Thomson Reuters noted "In its weekly report, the US Energy Information Administration said crude oil stocks fell by a greater-than-expected 2. 07 million barrels last week, but inventories at Cushing, the delivery point for US crude futures, rose 508,000 barrels. " Brent crude rose by US22c or 0. 2 per cent to $US102. 72 a barrel with the US Nymex price up by US2c a barrel to $US93. 88 a barrel.
Investors weighed data showing the biggest fall in German consumer sentiment in more than three years and monitored news of talks between Russian and Ukrainian leaders. The FTSEurofirst 300 index rose by 0. 1 per cent while the blue-chip Euro STOXX 50 index fell by 0. 1 per cent.
Base metal prices were again mixed on Wednesday with gains or losses not exceeding 1. 2 per cent. Aluminium rose by 0. 7 per cent while tin fell by 1. 2 per cent. Gold prices fell on Wednesday with the Comex gold futures quote down by $US1. 80 or 0. 1 per cent to $US1,283. 40 per ounce. Iron ore fell by US70c or 0. 8 per cent on Wednesday to $US88. 20 a tonne.
In US economic data, the weekly mortgage market index rose by 2. 8 per cent with the purchase index up 2. 6 per cent and the refinancing index up by 2. 8 per cent.
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