Crude for January delivery climbed as much as 77 cents, or 0.8 percent, to $101.73 a barrel in electronic trading on the New York Mercantile Exchange. Prices gained 4.3 percent last week, the first increase since the period ended Nov. 11, and are up 14 percent the past year.
Asian refining margins for naphtha fell for a second day amid signs of slowing economic growth in China, the world’s largest energy consumer.
Naphtha’s premium to Brent crude slipped 5.7 percent today to $61.95 a metric ton at 1:31 p.m. Singapore time, according to data compiled by Bloomberg. December swaps for naphtha, a petrochemicals and gasoline feedstock, climbed 0.8 percent to $897.75 a ton at 11:49 a.m. Singapore time, according to data from PVM Oil Associates Ltd, a London-based broker.
Gasoil’s premium to Dubai crude dropped 51 cents, or 2.8 percent, to $17.47 a barrel today, falling for the first day in three, PVM data showed. January swaps for gasoil gained 20 cents, or 0.2 percent, to $124.85 a barrel. Jet fuel’s premium to gasoil, also known as the regrade , fell 10 cents to $1.30.
Copper, zinc and aluminum declined as equities fell on concern that the Chinese economy may slow after non- manufacturing industries contracted, possibly damping demand from the largest consumer of the metal.
Three-month delivery copper declined as much as 0.6 percent to $7,844.50 a metric ton on the London Metal Exchange, and traded at $7,870 a ton by 3:11 p.m. Shanghai time. Copper for February delivery on the Shanghai Futures Exchange dropped 0.2 percent to close at 57,960 yuan ($9,110) a ton.
GRAINS, OILSEEDS, LIVESTOCK
Soybeans advanced, after climbing for the first week in five last week, on signs that the U.S. economic recovery is gaining momentum and Europe is moving toward trimming its debt. Corn and wheat declined.
January-delivery soybeans gained as much as 0.8 percent to $11.4425 a bushel on the Chicago Board of Trade and were at $11.41 at 3:23 p.m. in Singapore. Futures rose 2.6 percent last week, the first gain since the five days ended Oct. 28.
Cocoa for March delivery dropped 2.6 percent to settle at $2,228 a metric ton at 12:12 p.m. on ICE Futures U.S. in New York, after touching $2,218, the lowest for a most-active contract since March 2009. Prices have slumped for seven straight sessions.
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