News Summary: Commodities up on relief over Europe

AP News
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Posted: Jun 29, 2012 5:52 PM
News Summary: Commodities up on relief over Europe

OIL GUSHER: The price of crude oil jumped 9 percent after a summit in Brussels produced an agreement to funnel money directly to troubled European banks. Oil shot up $7.27 to settle at $84.96 a barrel, the biggest gain in more than three years.

GOLD RUSH: Gold jumped $53.80, its biggest increase since June 1, to settle at $1,604.20. Gold had been weak as investors expected little to no progress at the latest European summit. The concrete proposals that emerged surprised them.

OTHER METALS: Precious metals were higher across the board. Silver rose $1.321 to $27.612 an ounce, platinum rose $63.10 to $1,452.40 an ounce and palladium rose $20.65 to $584.55 an ounce.