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It has been reported that Utilities say it may be days before power is fully restored in the Washington area, hit by treacherous thunderstorms officials blamed for three deaths.

The Washington Post has reported that crews worked through the night into Monday trying to restore power to tens of thousands of people after storms accompanied by hurricane-force winds plowed down trees and power lines, sparked fires and damaged buildings.

Crude settled down as restarted offshore production after a fizzled tropical storm kept oil prices in check but strong U.S. new home sales data and positive corporate guidance lifted equities and supported oil prices. The prices were lower, after Tropical Storm Bonnie fizzled into a tropical depression without damaging refineries on the Gulf of Mexico. Oil stockpiles that remain well above average are keeping crude from pushing higher.  Now support for the crude is seen at 3676 and below could see a test of 3645. Resistance is now likely to be seen at 3733, a move above could see prices testing 3759.

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According to the media reports, the mayor of Bell, Calif., Monday apologized to residents for the salaries city officials are paid and said he will accept no pay for the remainder of his term.

The Los Angeles Times has reported that in a news release, Mayor Oscar Hernandez said he will not run for re-election and blamed the city council for what he called "indefensible administrative salaries."

Silver gained ground along with copper. Stronger-than-expected housing data and an optimistic outlook from FedEx helped sentiment for industrial metals. Although silver is a precious metal that often trades in tandem with gold, it is also more widely used for industrial applications than is the yellow metal. Now technically market is trading in the range as RSI for 18days is currently indicating 51.79, where as 50DMA is at 29177 and silver is trading below the same and getting support at 29004 and below could see a test of 28840 level, And resistance is now likely to be seen at 29279, a move above could see prices testing 29390.

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It is imposing its toughest sanctions against Iran in response to the country's refusal to stop enriching uranium, the European Union said on Monday.

According to the reports of The New York Times reported the sanctions include a ban on new investment in Iran's eroding oil and gas sector, as well as tighter restrictions on transport and finance.

Gold fell as stronger U.S.