Crude oil rose the most in more than two months on speculation the Federal Reserve will loosen monetary policy to spur growth and as OPEC members were asked to cut production that exceeds their current output ceiling.
Oil advanced 1.6 percent as a worse-than-expected jobless claims report fueled expectations that Fed policy makers will announce new stimulus measures next week. OPEC Secretary-General Abdalla El-Badri said group’s production is about 1.6 million barrels a day above the 30 million target renewed today.
Oil for July delivery gained $1.29 to settle at $83.91 a barrel on the New York Mercantile Exchange, the biggest percentage increase since April 11.
Brent crude for July fell 10 cents to $97.03. The contract expired today. The August contract rose 45 cents, or 0.5 percent, to $97.17.
Natural gas futures surged the most in 33 months after a government report showed a smaller-than-expected gain in U.S. supplies last week.
Gas climbed 14 percent, the biggest increase since Sept. 10, 2009, after the Energy Department said stockpiles rose 67 billion cubic feet to 2.944 trillion. Analyst estimates compiled by Bloomberg showed an expected gain of 75 billion. The five- year average increase for the week is 88 billion.
Natural gas for July delivery jumped 31 cents to $2.495 per million British thermal units on the New York Mercantile Exchange, the highest settlement price since May 25. The futures, down 17 percent this year, have rebounded 31 percent from a 10-year low of $1.902 on April 19.
Gasoline rose along with equities on speculation that the Federal Reserve will act to stimulate the economy.
Gasoline for July delivery gained 2.1 cents, or 0.8 percent, to $2.6764 a gallon on the New York Mercantile Exchange, the highest settlement this week.
Heating oil for July delivery advanced 1.69 cents, or 0.7 percent, to $2.6278 a gallon, after settling yesterday at the lowest level since January 2011.
Gold futures rose, capping the longest rally since October, on demand for a haven as a widening U.S. current-account gap and a surprise increase in jobless claims signaled that the economy is struggling to improve.
Gold futures for August delivery advanced 20 cents to settle at $1,619.60 an ounce on the Comex in New York. The price rose for the fifth straight session, the longest rally since late October.
Silver futures for July delivery fell 1.8 percent to $28.407 an ounce.
Platinum futures for July delivery rose 1.4 percent to $1,487.60 an ounce. The price climbed for the fourth straight day, the longest rally in a month.
Palladium futures for September delivery gained 1.9 percent to $634.90 an ounce.
Copper rallied for a second straight day in New York as mounting evidence of a slowing U.S. economy added to speculation that the Federal Reserve will take additional steps to revitalize growth.
Copper futures for July delivery rose 0.4 percent to settle at $3.3545 a pound on the Comex in New York. The metal has fallen 12 percent this quarter amid concern over slowing growth in the U.S., Europe and China.
Wheat advanced on speculation that reduced production in Russia will boost demand for supplies from the U.S., the world’s biggest exporter.
Wheat futures for December delivery rose 1.1 percent to close at $6.665 a bushel on the Chicago Board of Trade. The contract advanced for the first time this week and is down 7.4 percent this year.
Corn futures for December delivery, the contract with the most open interest, climbed 1.1 percent to settle at $5.16 a bushel on the CBOT. Futures for July delivery increased 1.5 percent to $6.015.
Soybean futures for November delivery, after the harvest, fell 0.8 percent to close at $13.0875 a bushel on the Chicago Board of Trade. This year, the commodity climbed 8.3 percent after drought cut production in South America.
Soybean futures for July delivery fell 1.6 percent to $13.86.
Cotton futures rose to a two-week high as exports soared fivefold from the U.S., the world’s biggest shipper.
Cotton for December delivery rose 0.3 percent to settle at 70.6 cents a pound on ICE Futures U.S. in New York. Earlier, the price reached 73.08 cents, the highest level for a most-active contract since May 30.
Orange-juice futures for July delivery fell 0.8 percent to $1.0975 a pound. The commodity has tumbled 52 percent from a record $2.2695 on Jan. 23.
Raw sugar for October delivery fell 0.9 percent to 19.51 cents a pound on ICE Futures U.S. in New York.
Cocoa futures for September delivery advanced 0.2 percent to $2,263 a ton in New York.
Arabica-coffee futures for September delivery slipped 2 percent to $1.5105 a pound on ICE.
Hog prices climbed the most in a week on speculation that supplies are tightening in the U.S. Cattle fell to a five-week low.
Hog futures for August settlement rose 1.1 percent to settle at 93 cents a pound on the Chicago Mercantile Exchange, the biggest gain for a most-active contract since June 6.
Cattle futures for August delivery fell 0.8 percent to settle at $1.17025 a pound in Chicago after reaching $1.1685, the lowest since May 10.
Feeder-cattle futures for August settlement dropped 1.4 percent to $1.562 a pound.
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