Oil, Natural Gas, Copper, Gold Decline: Commodities at Close
The Standard & Poor’s GSCI gauge of 24 commodities fell less than 0.1 percent to 655.27 at 7:40 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials was also down less than 0.1 percent to 1,556.707.
Crude oil in New York slipped from the highest close in a week amid signs that supplies are increasing in the U.S., the world’s largest consumer.
Oil for September delivery traded at $93.22, down 21 cents, on the New York Mercantile Exchange at 10:52 a.m. London time. It earlier dropped to $92.77. The contract advanced 70 cents yesterday to $93.43, the highest settlement since Aug. 7. Prices are down 6 percent this year.
Natural gas futures declined after yesterday’s rebound from a six-week low in New York.
High-sulfur fuel oil’s discount to Asian marker Dubai crude narrowed 7 cents to $3.33 a barrel at 5:58 p.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. The gap shrank for a second day.
Copper was seen falling in New York on concern China, the world’s biggest consumer of the metal, will struggle to sustain its growth pace and U.S. economic reports may weaken the case to expand stimulus.
Gold is seen declining for a third day in London on speculation the Federal Reserve won’t need to take more action to stoke growth.
To contact the editor responsible for this story: Alexander Kwiatkowski at firstname.lastname@example.org
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.