Oil climbed to the highest in three months in New York as speculation European leaders meeting this week will make progress on the region’s debt crisis supported prices against forecasts of rising supply in the U.S.
Crude for September delivery rose as much as 78 cents to $96.75 a barrel in electronic trading on the New York Mercantile Exchange, trading for $96.55 at 8:36 a.m. London time. That is the highest intraday level since May 11. The contract expires today. The more-actively traded October future rose 38 cents to $96.64. Front-month prices are down 2.3 percent in 2012.
The premium of gasoil, or diesel, to Asian marker Dubai crude fell 75 cents from Aug. 17 to $19.05 a barrel at 12 p.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. This crack spread measures processing profit. Gasoil swaps for September dropped 75 cents, or 0.6 percent, to $129.55 a barrel, PVM said. Prices were down for a second day.
High-sulfur fuel oil climbed 35 cents to $3.10 a barrel below Dubai crude, according to PVM. The discount narrowed for the fourth time in five days, showing reduced losses for refiners turning crude into residual products. Fuel-oil swaps for September rebounded $2.25, or 0.3 percent, to $682 a metric ton, PVM data showed.
Copper climbed after China’s central bank injected record funds into the financial system, and before reports that may show the U.S. economy is improving.
Gold is poised to gain for a fifth day in the best run since June on speculation that minutes from the Federal Reserve’s latest meeting may point to additional stimulus as investment holdings remain near an all-time high.
Immediate-delivery gold was little changed at $1,622.47 an ounce at 2:10 p.m. in Singapore after gaining 1.3 percent in the preceding four sessions. Exchange-traded product holdings totaled 2,432.33 metric tons on Aug. 20, compared to the record 2,433.31 tons on Aug. 17, according to data tracked by Bloomberg.
Platinum dropped as much as 0.8 percent to $1,480.50 an ounce and traded at $1,488.53. The price climbed to $1,496.53 yesterday, the highest since June 18, following violence at a mine in South Africa, the world’s top producer.
GRAINS, OILSEEDS, SOFT COMMODITIES
Soybeans climbed to a record as importers rushed to secure U.S. supplies on concern that the nation’s harvest would be smaller than the government’s latest forecast after the worst drought in half a century parched crops.
Soybeans for November delivery gained as much as 1.1 percent to $17.0125 a bushel on the Chicago Board of Trade, an all-time high for the most-active contract. Futures were at $16.9875 at 3:52 p.m. in Singapore. The U.S. was the largest producer of soybeans in 2011-2012.
Corn for December delivery rose 0.3 percent to $8.265 a bushel. Futures reached a record $8.49 a bushel on Aug. 10. Wheat for December delivery rose as much as 0.7 percent to $9.09 a bushel, the highest since Aug. 10, and was at $9.065.
Rubber climbed as speculation grew that China will introduce measures to bolster economic growth, raising demand from the world’s largest consumer of the commodity used to make tires.
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