Oil rose for a fourth day in New York on concern global supplies of crude will shrink after the European Union signaled it may ban imports from Iran and U.S. stockpiles declined.
Crude for January delivery gained as much as 57 cents to $101.85 a barrel in electronic trading on the New York Mercantile Exchange. Yesterday, the contract added 29 cents to $101.28, the highest since Nov. 16. Prices are up 11 percent this year after climbing 15 percent in 2010.
December swaps for naphtha, a feedstock for petrochemicals and gasoline, rose $12.50, or 1.4 percent, to $915 a metric ton at 11:51 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a London-based broker.
The swap value was at a premium of $81.50 a ton to Brent oil, up from $79.90 a ton at the end of Asian trading yesterday, according to data compiled by Bloomberg. The crack is at the widest level since Oct. 19.
Gasoil’s premium to Dubai crude rose 62 cents, or 3.5 percent, to $18.46 a barrel, PVM data showed. January swaps for gasoil rose $1.67, or 1.3 percent, to $126.10 a barrel. Jet fuel’s premium to gasoil, also known as the regrade, was unchanged at $1.30 a barrel.
Three-month delivery copper rose as much as 1.3 percent to $7,935 per metric ton on the London Metal Exchange, and was at $7,926.25 at 3:37 p.m. in Shanghai. The metal for March delivery gained 0.8 percent to $3.6055 per pound on the Comex. Copper for February delivery on the Shanghai Futures Exchange settled 1.2 percent higher at 58,360 yuan ($9,176) per ton.
Immediate-delivery gold advanced 0.2 percent to $1,731.28 an ounce at 3:23 p.m. in Singapore. Metal held in ETPs climbed to 2,358.206 metric tons yesterday, according to data compiled by Bloomberg. February-delivery bullion rose 0.2 percent to $1,734.80 on the Comex in New York.
GRAINS, OILSEEDS, LIVESTOCK
Corn for March delivery rose as much as 0.5 percent to $5.9975 a bushel on the Chicago Board of Trade and was at $5.98 at 2:55 p.m. in Singapore.
Soybeans for delivery in January were 0.3 percent higher at $11.325 a bushel after climbing as much as 0.5 percent. Wheat for March-delivery declined 0.4 percent to $6.105 a bushel.
Cotton for March delivery rose 1.7 percent to settle at 93.81 cents a pound at 2:35 p.m. on ICE Futures U.S. in New York yesterday, the biggest gain since Nov. 15. The commodity advanced for a fourth straight session, the longest winning streak since late October.
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