Oil rose for the first time in seven days in New York after China pledged to boost the nation’s economy and Goldman Sachs Group Inc. said the balance between supply and demand of crude is tightening.
Crude for June delivery rose as much as 72 cents to $92.20 a barrel in electronic trading on the New York Mercantile Exchange and was at $92.12 at 9:27 a.m. London time. It fell 1.2 percent on May 18 to $91.48, the lowest close since Oct. 26 and expires today. The more-actively traded July contract climbed 57 cents to $92.37. Prices are 7 percent lower this year.
Natural-gas futures retreated after closing last week at the highest level in four months on a forecasts for warmer-than- normal weather in June, which may signal increased demand at power plants.
The premium of 180-centistoke fuel oil to 380-centistoke grade rose to $12.25 a ton. The spread is the widest since March 19, signaling bunker fuel for ships has become cheaper relative to power-station fuel.
The premium of gasoil to Dubai crude fell 16 cents, or 1 percent, to $16.17 a barrel at 2:07 p.m. Singapore time, according to data from PVM Oil Associates Ltd. , a broker.
Gold for immediate delivery rose 0.2 percent to $1,596.53 an ounce by 9:21 a.m. in London. Prices reached $1,599.34, the highest since May 10, after adding 0.9 percent last week. June-delivery futures were 0.3 percent higher at $1,596.20 on the Comex in New York.
GRAINS, SOFT COMMODITIES
Wheat for July delivery jumped as much as 3.9 percent to $7.22 a bushel on the Chicago Board of Trade, the highest price for the most active contract since Sept. 13. Futures traded at $7.10 at 2:48 p.m. Singapore time, after surging last week by 16.5 percent, the most since the five days ended June 15, 2007.
Soybeans for July delivery climbed as much as 1.2 percent to $14.22 a bushel, after ending little changed last week. Futures last traded at $14.1725.
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