Crude Oil Advances as Gold Futures Slide: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 1.3 percent to 664.92 at 5 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.4 percent at 1,621.658.

CRUDE OIL

Oil advanced for the first time in three days as increasing tension in the Middle East countered concern that a global economic slowdown will curb demand.

Crude oil for November delivery increased $1.85, or 2.1 percent, to $91.18 a barrel on the New York Mercantile Exchange. The contract rose as much as $2.07 to $91.40 today. Prices are down 7.7 percent this year.

Brent oil for November settlement gained $1.69, or 1.5 percent, to $113.51 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

PRECIOUS METALS

Gold declined for a third straight session as a stronger dollar eroded demand for the precious metal as an alternative investment.

Gold futures for December delivery were down 0.6 percent at $1,765.80 an ounce on the Comex in New York. Bullion dropped 1.2 percent in the previous two sessions. The metal reached $1,798.10 on Oct. 5, the highest since Nov. 9.

Silver futures for December delivery fell 0.9 percent to $33.71 an ounce on the Comex.

Precious metal markets: NI PCMKTS

SOFT COMMODITIES

Coffee futures fell to a four-week low in New York on speculation that rain in Brazil, the world’s largest producer and exporter, will improve harvest prospects. Cotton and orange juice advanced.

Arabica coffee for December delivery dropped 2.8 percent to $1.643 a pound on ICE Futures U.S. in New York, after reaching $1.641, the lowest for a most-active contract since Sept. 10.

Cotton futures for December delivery gained 0.8 percent to 72.32 cents a pound on ICE, after rising 0.4 percent the previous day.

Orange-juice futures for November delivery gained 0.3 percent to $1.1305 a pound in New York, heading for the first gain in a week.

Soft commodities markets: NI SOMKTS

GRAINS, OILSEEDS

Wheat futures rose for the second straight day on speculation that the U.S. may lower its forecasts for global supplies as dry weather damages crops from Russia to Australia. Soybeans and corn also gained.

Wheat futures for December delivery rose 1 percent to $8.6925 a bushel on the Chicago Board of Trade. The price gained 0.4 percent yesterday.

Soybean futures for November delivery gained 0.5 percent to $15.5925 a bushel in Chicago. Earlier, the price reached $15.74, the highest for a most-active contract since Oct. 1.

Corn futures for December delivery gained 0.4 percent to $7.45 a bushel.

Grain markets: NI GRMKTS

LIVESTOCK

Cattle futures jumped to a two-week high on signs of shrinking beef supplies after the worst U.S. drought in 56 years prompted ranchers to cull their herds. Hog prices also rose.

Cattle futures for December delivery increased 0.4 percent to $1.2695 a pound on the Chicago Mercantile Exchange, after reaching $1.27225, the highest since Sept. 25. Through yesterday, the price climbed 4.1 percent this year.

Feeder-cattle futures for November settlement were up 0.05 cent at $1.4635 a pound on the CME.

Hog futures for December settlement rose 0.1 percent to 76.925 cents a pound in Chicago. The price was down 8.8 percent this year through yesterday.

Livestock markets: NI LVMKTS

OIL PRODUCTS

Gasoline futures advanced as U.S. refinery shutdowns threatened supplies, boosted spot values in New York Harbor and sent California pump prices to record highs.

Gasoline for November delivery rose 6.46 cents, or 2.2 percent, to $2.9577 a gallon on the New York Mercantile Exchange.

Regular gasoline at the pump, averaged nationwide, fell for the first time in six days, declining 0.3 cent to $3.815.

November-delivery heating oil advanced 4 cents, or 1.3 percent, to $3.1843 a gallon on the exchange, the first increase in three days.

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

NATURAL GAS

Natural gas futures dropped in New York for the second time in three days on forecasts for mild weather that would crimp demand for heating fuels.

Natural gas for November delivery fell 4.3 cents, or 1.3 percent, to $3.36 per million British thermal units on the New York Mercantile Exchange. Prices advanced to $3.546 on Oct. 2, the highest intraday price since Dec. 8. The futures have dropped 3.5 percent from a year ago.

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

BASE METALS

Copper climbed the most in a week on speculation that demand will rise as policy makers take steps to boost economic growth in China, the world’s top metals consumer.

Copper futures for December delivery gained 0.5 percent to $3.7355 a pound on the Comex in New York, heading for the biggest advance since Oct. 1.

On the London Metal Exchange, copper for delivery in three months added 0.2 percent to $8,199.75 a metric ton ($3.72 a pound).

Aluminum and nickel fell in London. Lead, tin and zinc were higher.

Base metals markets: NI BMMKTS

To contact the reporter on this story: Nicholas Larkin at nlarkin1@bloomberg.net

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

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.