Oil Rises on Inventory Data, Stimulus Hope: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.1 percent to 636.76 at 4:57 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.6 percent at 1,544.905.

CRUDE OIL

Oil climbed after U.S. crude inventories dropped the most in seven months and on speculation central banks will take steps to support the economic recovery.

Crude oil for September delivery rose 37 cents, or 0.4 percent, to $88.43 a barrel on the New York Mercantile Exchange. Prices gained 3.6 percent last month and are down 11 percent this year.

Brent oil for September settlement increased 79 cents, or 0.8 percent, to $105.71 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline futures extended a gain after the Energy Department reported stockpiles fell unexpectedly last week.

September-delivery gasoline gained 5.83 cents, or 2.1 percent, to $2.8326 a gallon on the New York Mercantile Exchange. Prices were $2.8239 before the report’s release.

Heating oil for September delivery rose 2.49 cents, or 0.9 percent, to $2.8729 a gallon, from $2.8667 before the report.

Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL

NATURAL GAS

Natural-gas futures fluctuated between gains and losses in New York amid forecasts for above-normal temperatures in the central U.S. that would boost demand from power plants and for milder weather in the east.

Natural gas for September delivery slid 2 cents, or 0.6 percent, to $3.189 per million British thermal units on the New York Mercantile Exchange. The futures have gained 6.7 percent this year, rebounding from $1.902 on April 19, the lowest intraday price since January 2002.

U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET

SOFT COMMODITIES

Orange-juice futures fell to a two-month low on signs of improving U.S. supplies amid slowing demand. Cocoa rose, while sugar, cotton and coffee retreated.

Orange juice for September delivery retreated 2.2 percent to $1.075 a pound on ICE Futures U.S. in New York, after reaching $1.0515, the lowest for a most-active contract since May 24.

Cocoa futures for September delivery climbed 0.9 percent to $2,398 a metric ton in New York, heading for sixth straight gain and the longest rally since July 2011.

Raw-sugar futures for October delivery declined 0.4 percent to 22.54 cents a pound on ICE.

Also in New York, cotton futures for December delivery dropped 0.9 percent to 70.7 cents a pound. Arabica-coffee futures for September delivery fell 1.7 percent to $1.7145 a pound, after touching $1.7125, the lowest since July 2.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper fell the most in more than a week as reports showing weaker-than-expected manufacturing in China and the U.S. undercut demand prospects in the world’s two biggest metals users.

Copper futures for September delivery slumped 1.5 percent to $3.3675 a pound on the Comex in New York. A close at that price would mark the biggest drop since July 23.

On The London Metal Exchange, copper for delivery in three months dropped 1.6 percent at $7,437.25 a ton ($3.38 a pound).

Aluminum, lead, nickel, tin and zinc also fell in London.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold declined the most in two weeks after a private report showed companies in the U.S. added more workers than projected in July, easing pressure on the Federal Reserve to announce measures to bolster the economy.

Gold futures for December delivery slid 0.7 percent to $1,602.90 an ounce on the Comex in New York. A close at that price would be the biggest fall since July 18. Yesterday, the metal fell 0.6 percent, the first drop in five sessions, after consumer confidence in U.S. rose for the first time in five months.

Silver futures for September delivery slumped 2.3 percent to $27.275 an ounce in New York, headed for the biggest loss since July 6.

Precious metal markets: NI PCMKTS

LIVESTOCK

Cattle futures dropped in Chicago, heading for the biggest two-day slump in almost seven weeks, on signs of increasing beef supplies in the U.S. Hog prices fell to a one-week low.

Cattle futures for October delivery slumped 0.4 percent to $1.2385 a pound on the Chicago Mercantile Exchange. A close at that level would leave prices down 1.6 percent in two days, the biggest such drop since June 14. Futures declined 3.3 percent in July.

Feeder-cattle futures for August settlement gained 0.4 percent to $1.392 a pound on the CME.

Hog futures for October settlement declined 0.7 percent to 79.7 cents a pound in Chicago, after reaching 79.5 cents, the lowest since July 25. The price through yesterday was down 4.7 percent this year.

Livestock markets: NI LVMKTS

GRAINS, OILSEEDS

Wheat futures tumbled to the lowest in more than a week on signs that spring yields in the northern Great Plains are expected to top last year as rain improves crop conditions. Corn and soybeans also declined.

Wheat futures for September delivery fell 2.2 percent to $8.6875 a bushel on the Chicago Board of Trade, after touching $8.6175, the lowest since July 24. The grain, which competes with corn in livestock feed, surged 17 percent last month.

Corn futures for December delivery dropped 1.5 percent to $7.935 a bushel in Chicago. The price fell 1.1 percent yesterday, after touching an all-time high of $8.205. The most- active contract jumped 27 percent in July, the biggest monthly gain since 1988, as drought curbed yields in the U.S., the biggest grower and exporter of the grain.

Soybean futures for November delivery declined 1.7 percent to $16.13 a bushel on the CBOT. The oilseed, which reached a record $16.915 on July 23, gained 15 percent last month.

Grain markets: NI GRMKTS

EUROPEAN CARBON PERMITS

European Union carbon for December fell 4 cents, or 0.6 percent, to 6.97 euros ($8.57) on the ICE Futures Europe exchange in London.

EU Carbon Emissions: NI ECBMKT

To contact the reporter on this story: Tom Metcalf in London at tmetcalf7@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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