Oil Trades Near Highest Level in a Week: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.2 percent to 648.72 at 5:31 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials was little changed at 1,579.94.

CRUDE OIL

Oil traded near the highest level in almost a week before euro-area finance ministers discuss aid for Greece to tame a debt crisis that threatens to derail the economic recovery and curb fuel demand.

West Texas Intermediate crude for January delivery was down 8 cents at $88.20 a barrel on the New York Mercantile Exchange at 4:13 p.m. Singapore time. Futures gained 90 cents to $88.28 a barrel on Nov. 23, the highest settlement since Nov. 19. Prices rose 1.9 percent last week and are down 11 percent this year.

OIL PRODUCTS

BASE METALS

Copper declined for the first time in three days in London as stockpiles tallied in Shanghai climbed to a seven-month high and before European finance ministers meet to discuss aid for Greece.

PRECIOUS METALS

Gold for immediate delivery fell 0.2 percent to $1,748.76 an ounce by 9:18 a.m. in London. Gold for December delivery was down 0.2 percent at $1,748.30 on the Comex in New York.

GRAINS, OILSEEDS, SOFT COMMODITIES

Palm oil for February delivery advanced as much as 1.8 percent to 2,438 ringgit ($798) a metric ton on the Malaysia Derivatives Exchange, and was at 2,436 ringgit at 5:15 p.m. in Kuala Lumpur. Futures lost 2.6 percent in the four days to Nov. 23 and have dropped 23 percent this year.

Soybeans for January delivery gained as much as 0.5 percent to $14.2575 a bushel on the Chicago Board of Trade and traded at $14.235 at 1:01 p.m. in Singapore. Prices climbed 2.6 percent last week, the best performance since the five days ended Aug. 24.

To contact the reporter on this story: Alexander Kwiatkowski in Singapore at akwiatkowsk2@bloomberg.net

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

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