Crude Oil Climbs on Middle East Tensions: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 1.6 percent to settle at 667.25 at 4 p.m. New York time, led by energy.

The UBS Bloomberg CMCI index of 26 prices gained 0.7 percent to 1,625.44.


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

Radar-assisted Turkish guns fired on Syrian artillery units and tanks for six consecutive days after the deaths of five people struck by a Syrian shell in Turkey on Oct. 3. The International Monetary Fund cut its global growth forecasts today as the euro area’s debt crisis escalates.

Oil futures for November delivery increased 3.4 percent to $92.39 a barrel on the New York Mercantile Exchange, the highest settlement since Oct. 1.

Brent oil for November settlement gained 2.4 percent to $114.50 a barrel on the London-based ICE Futures Europe exchange.

BP Plc bought a second Forties blend for October at the highest in seven months after the company booked a supertanker to haul North Sea crude to South Korea from Hound Point in the U.K.

Iraq will reduce its daily exports of Basrah Light from the Persian Gulf by 27 percent in the second half of October from two weeks earlier, a loading program showed. The nation cut the November price of the grade for customers in Europe.


Gasoline rose as U.S. refinery shutdowns threatened supplies, boosting spot values in New York Harbor and sending California pump prices to record highs.

On the Nymex, gasoline futures for November delivery rose 2.3 percent to $2.9587 a gallon.

Heating-oil futures for November delivery advanced 1.9 percent to $3.2032 a gallon.


Natural gas rose to a one-week high before a government report that may show a below-average inventory increase for last week.

On the Nymex, gas futures for November delivery increased 1.9 percent to $3.467 per million British thermal units, the highest settlement since Oct. 2.

U.K. within-day gas declined from the highest since February after pipeline shipments from Norway increased.

The price dropped 1.8 percent to 64.1 pence a therm at 4:01 p.m. London time, according to broker data compiled by Bloomberg. That’s the equivalent of $10.25 per million Btu.


Cattle 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.

On the Chicago Mercantile Exchange, cattle futures for December delivery increased 0.3 percent to $1.26725 a pound. Earlier, the price reached $1.27225, the highest for a most- active contract since Sept. 25.

Feeder-cattle futures for November settlement rose 0.3 cent to $1.467 a pound.

Hog futures for December settlement fell 0.1 percent to 76.8 cents a pound.


Wheat rose for the second straight day on speculation that the U.S. will lower its forecasts for global supplies as dry weather damages crops from Russia to Australia.

On the Chicago Board of Trade, wheat futures for December delivery rose 0.4 percent to $8.6425 a bushel. The price gained 0.4 percent yesterday.

Soybean futures for November delivery fell 0.1 percent to $15.50 a bushel. Earlier, the price reached $15.74, the highest since Oct. 1.

Corn futures for December delivery were unchanged at $7.42 a bushel. Earlier, the price gained as much as 0.9 percent.


Sugar rose the most in a week on concern that supplies may tighten in Brazil, the world’s top grower.

On ICE Futures U.S. in New York, raw sugar for March delivery rose 0.2 percent to 21.47 cents a pound, the biggest increase since Oct. 2.

Cocoa futures for December delivery climbed 1.5 percent to $2,417 a metric ton, the biggest gain since Sept. 25.

Arabica-coffee futures for December delivery dropped 2.2 percent to $1.653 a pound. Earlier, the price reached $1.641, the lowest since Sept. 10.

Orange-juice futures for November delivery slid 0.7 percent to $1.12 a pound, the fifth straight decline.

Cotton futures for December delivery increased 0.1 percent to 71.84 cents a pound.


Copper prices declined for the third straight session after the IMF cut its forecasts for world economic growth, damping prospects for metal demand.

On the London Metal Exchange, copper for delivery in three months slipped 0.5 percent to $8,145 a ton.

Aluminum dropped 1.4 percent to $2,054 a ton in London. Earlier, the price touched $2,044, the lowest since Sept. 11. Zinc, tin, nickel and lead also fell.

Copper futures for December delivery were unchanged at $3.718 a pound on the Comex in New York.


Gold declined to the lowest in more than a week as a stronger dollar eroded demand for the metal as an alternative investment.

On the Comex, gold futures for December delivery fell 0.6 percent to $1,765 an ounce. Earlier, the price touched $1,762, the lowest since Sept. 27.

Silver futures for December delivery dropped 0.1 percent to $33.985 an ounce.

Platinum futures for January delivery fell 0.2 percent to $1,695.30 an ounce on the Nymex. Palladium futures for December delivery gained 0.2 percent to $658.20 an ounce.

To contact the reporter on this story: Patrick McKiernan in New York at

To contact the editor responsible for this story: Steve Stroth at

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