Oil dropped from the highest level in a week as concern that Europe’s debt crisis will reduce demand outweighed optimism spurred by elections in Greece.
Natural gas futures extended last week’s 7.3 percent advance in New York as Greek elections eased concern that the country would leave the euro, threatening global economic growth.
Singapore fuel oil’s premium to Dubai crude narrowed to 19 cents a barrel from $1.29 on June 15, PVM data showed. The fuel traded above crude for a fifth day, signaling refiners are making profits from the residue. Fuel oil typically trades at a discount to crude.
Japan naphtha’s premium to London-traded Brent crude futures increased $7.89, or 27 percent, to $37.50 a metric ton, according to Bloomberg calculations based on PVM data. The spread, a measure of refining profitability from the fuel, has widened for a third day.
Gold dropped for the first time in seven days in London as official projections showed pro-bailout parties won enough seats to control Greece’s parliament, curbing demand for a protection of wealth.
Bullion for immediate delivery fell 0.6 percent to $1,617.90 an ounce by 9:07 a.m. in London. August-delivery futures were 0.6 percent lower at $1,618.50 on the Comex in New York.
Copper extended last week’s advance to the highest level in more than two weeks as gains by pro-bailout parties in Greek elections eased concern the country would leave the euro.
The metal rose as much as 1.4 percent to $7,615 a metric ton, the highest price since May 30, on the London Metal Exchange and traded at $7,558.25 by 3:15 p.m. in Singapore. Copper climbed 3 percent last week, the first gain in seven. Futures gained 0.9 percent to $3.421 a pound on the Comex.
GRAINS, OILSEEDS, SOFT COMMODITIES
Rubber jumped to the highest level since June 1 as parties that support Greece’s bailout won enough seats to control parliament, easing concern that the nation may quit the euro and worsen Europe’s debt crisis.
The November-delivery contract climbed as much as 3.9 percent, the biggest gain since June 7, to 257.4 yen a kilogram ($3,246 a metric ton) before settling at 255.6 yen on the Tokyo Commodity Exchange. Futures extended last week’s 4.3 percent advance, the first increase in six weeks.
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