NEW YORK (TheStreet) -- TheStreet's Brittany Umar is taking a look at the commodity reaction following the dovish comments Thursday by Federal Reserve chairwoman nominee Janet Yellen.
Yellen said that the Fed would not be in a hurry to begin tapering its quantitative easing program, essentially eliminating worries over a sooner-than-expected tapering date.
Gold prices were higher on Thursday, but have largely remained flat on Friday, Umar said.
Crude oil also jumped slightly higher, despite seeing its eighth consecutive weekly rise in inventories.
The U.S. also produced more oil than it imported for the first time since 1995, she said.
However, this was not due to the price of crude oil. Instead, XOM was higher on news that Warren Buffett's Berkshire Hathaway (BRK.A) (BRK.B) accumulated a 40.1 million share position, while reducing its position in COP, Umar concluded.
-- Written by Bret Kenwell in Petoskey, Mich.