Oil Falls; Gold at Most in Eleven Months: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.2 percent to 663.71 at 4:16 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials gained 0.5 percent to 1,621.866.

CRUDE OIL

Oil headed for a third weekly decline in New York on speculation the biggest gain in two months yesterday was exaggerated amid rising supplies.

Crude for November delivery fell as much as 55 cents to $91.16 a barrel and was at $91.24 in electronic trading on the New York Mercantile Exchange at 4:02 p.m. in Tokyo. The contract rose $3.57 to $91.71 yesterday. Prices are down 1 percent this week, for the longest run of weekly declines since June, and 7.7 percent this year.

OIL PRODUCTS

High-sulfur fuel oil fell 45 cents to $4.40 a barrel below Asian marker Dubai crude at 10:12 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. The discount has widened 2.8 percent so far this week, after expanding 76 percent in the previous week. Fuel oil swaps for November were at $662.25 a metric ton, PVM said. Prices are down 1.2 percent for the week.

Naphtha’s premium to London-traded Brent crude futures was at $106.70 a ton at 12.28 p.m. Singapore time, according to data compiled by Bloomberg. This crack spread, a measure of refining profit, has shrunk 7.8 percent this week. Naphtha swaps for November were at $949.75 a ton, according to PVM. Prices are set for a 1.3 percent drop, the second weekly decline in three.

BASE METALS

Copper advanced for a second day, heading for the first weekly increase in three, on speculation that moves by central banks around the world to stimulate growth will boost demand for industrial metals.

PRECIOUS METALS

Gold traded near the highest level in almost 11 months on speculation that central-bank stimulus from the U.S. to Europe and Japan will boost demand for the metal as a store of value.

Spot gold increased as much as 0.3 percent to $1,796.10 an ounce, the highest intraday level since Nov. 14, and traded at $1,791.48 as of 3:02 p.m. Singapore time. Platinum gained as much as 0.7 percent to $1,730.50 an ounce, a level last seen on Feb. 29, before trading at $1,719.79.

GRAINS, OILSEEDS, SOFT COMMODITIES

Soybeans climbed for a third day as U.S. export sales jumped, boosted by purchases from China.

The contract for delivery in November rose as much as 0.5 percent to $15.5875 a bushel on the Chicago Board of Trade. Futures were at $15.5375 at 2:10 p.m. Singapore time, trimming the weekly loss to 3 percent, the third such decline. Corn for delivery in December fell 0.2 percent to $7.5575 a bushel, while wheat for delivery in the same month was little changed at $8.69 a bushel.

Rubber retreated from a four-month high, paring a fifth weekly advance, as Japan’s central bank refrained from expanding stimulus, spurring a rally in the Japanese currency and cutting the appeal of yen-based contracts.

Rubber for delivery in March lost 0.7 percent to settle at 269.9 yen a kilogram ($3,439 a metric ton) on the Tokyo Commodity Exchange. The most-active contract climbed earlier to 275.5 yen, the highest level since May 23. Futures advanced 3.6 percent this week, the best such gain since the five-day period ended Sept. 14 and the longest weekly winning streak since October 2010.

To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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