Oil Jumps on Supplies Concern, Precious Metals Rise with Inflation

Crude oil rose today for the second day as Saudi Arabia reduced its production. The Banque Saudi Fransi reported that the biggest oil producer in the Organization of Petroleum Exporting Countries cut output by 300,000 barrels per day. May contract for crude oil delivery gained $1 to $108.11 per barrel on NYMEX.

Precious metals, including gold and silver, jumped on the speculation that the high prices for raw materials and the low interest rates will increase inflation pressure, boosting demand for the metals as an inflation hedge. June futures for gold delivery advanced as much as $16.80 (1.2 percent) to $1,472.40 as of 13:42 on COMEX. May futures for silver delivery went up $1.427 (3.5 percent) to $41.664 per ounce. June futures for palladium delivery added $8.95 (1.2 percent) to $774.25 per ounce on NYMEX. July futures for platinum delivery rose $18.40 (1 percent) to $1,795.60 per ounce.

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