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.

Exxon Mobil (XOM) was slightly higher on Friday, while ConocoPhillips (COP) was slightly lower.

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.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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