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06.09.2013 15:41

Oil rose

West Texas Intermediate crude rose for a second day as Russian President Vladimir Putin said his nation will assist Syria if it’s attacked, raising concern that escalating tension will disrupt Middle East oil exports.

Prices climbed as much as 1.8 percent. Putin said that Russia may resume deliveries of advanced S-300 anti-aircraft missiles to Syria if U.S. President Barack Obama carries through on a threat to punish Syrian President Bashar al-Assad for allegedly using chemical weapons against civilians.

Russia, one of Assad’s main international allies, sent an amphibious assault ship to join its forces off the Syrian coast in the east Mediterranean, Interfax news agency reported.

“Will we help Syria? We will,” Putin told reporters today after discussing the Syrian issue with Obama and other world leaders at the Group of 20 summit in St. Petersburg, Russia. “We are already helping them with weapons and we are cooperating in the economic and humanitarian spheres.”

Crude also gained on speculation that the Federal Reserve will limit its stimulus reduction following slower-than-expected jobs growth. Prices also climbed as the Labor Department said non-farm payrolls grew 169,000 last month, less than 180,000 median forecast of 96 economists. The move followed a revised 104,000 rise in July that was smaller than the initial estimate of 162,000.

The unemployment rate, derived from a survey of households rather than employers, dropped to 7.3 percent, the lowest level since December 2008. The participation rate, which indicates the share of working-age people in the labor force, declined to 63.2 percent, the least since August 1978, from 63.4 percent.

WTI for October delivery gained $1.73, or 1.6 percent, to $110.10 a barrel at 11:16 a.m. on the New York Mercantile Exchange. Prices are up 2.3 percent this week. Volume of all futures was 3.7 percent below 100-day average.

Brent for October settlement rose 91 cents, or 0.8 percent, to $116.17 a barrel on the ICE Futures Europe exchange. The volume of all futures traded was near the 100-day average.

06.09.2013 15:20

Gold rose from two-week low

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