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Oil Rises to Seven-Week High on Inventory: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 raw materials rose 0.3 percent to settle at 632.52 at 4 p.m. in New York, led by energy.

The UBS Bloomberg CMCI index of 26 prices declined 0.1 percent to 1,546.23.


Crude oil rose to a seven-week high on speculation that petroleum inventories fell. A report showed U.S. industrial production increased in June, signaling higher energy demand.

Supplies probably dropped 1.3 million barrels last week, a Bloomberg survey of analysts showed. Industrial output rose 0.4 percent.

On the New York Mercantile Exchange, oil futures for August delivery climbed 0.9 percent to $89.22 a barrel, the highest settlement since May 29.

Brent oil for September settlement advanced 0.6 percent to $104 a barrel on the London-based ICE Futures Europe exchange.

Statoil ASA failed to sell North Sea Forties for a second day after it lowered its offer. Gunvor Group Ltd. failed to find buyers for Russian Urals in the Mediterranean.

Angola, Africa’s second-largest oil producer, will cut


Heating oil advanced to an eight-week high as rising U.S. factory output and increased homebuilder confidence indicated greater demand for transportation fuel.

On the Nymex, heating-oil futures for August delivery rose 0.5 percent to $2.8422 a gallon.


Wheat futures rose to a 17-month high on speculation that demand for the grain in livestock feed will climb as hot, dry weather scorches the U.S. corn crop.

On the Chicago Board of Trade, wheat futures for September delivery rose 0.5 cent to $8.85 a bushel. Earlier, the commodity reached $8.985, the highest for a most-active contract since Feb. 15, 2011.

Corn futures for December delivery dropped 0.2 percent to $7.7125 a bushel. Earlier, the price reached $7.89, the highest for a most-active contract since June 9, 2011.

Soybean futures for November delivery were unchanged at


Natural gas dropped for a second day as forecasts for moderating late-July heat will limit demand for the power-plant fuel.

On the Nymex, gas futures for August delivery fell 0.2 percent to $2.796 per million British thermal units.

U.K. within-day gas was stable as imports from Norway rebounded, while exports to Belgium jumped to an eight-month high.

Gas traded up 0.15 pence, or 0.3 percent, at 54.70 pence a therm at 4:12 p.m. London time. August gas fell 1.2 percent to


Copper fell for the second straight day after Federal Reserve Chairman Ben Bernanke refrained from disclosing steps that the central bank may take to bolster the U.S. economy, eroding prospects for metal demand.

On the Comex in New York, copper futures for September delivery slid 0.8 percent to $3.4555 a pound.

On the London Metal Exchange, copper for delivery in three months dropped 1.2 percent to $7,595 a metric ton ($3.45 a pound).


Gold declined for a second day as Bernanke did not discuss measures to boost the recovery, while insisting the central bank will act if labor markets don’t improve.

On the Comex, gold futures for August delivery slid 0.1 percent to $1,589.50 an ounce.

Silver futures for September delivery fell less than 0.1 percent to $27.316 an ounce.

On the Nymex, platinum futures for October delivery rose


Cotton fell for the first time in three sessions after Bernanke refrained from pledging new policies to boost the economy, dimming demand prospects.

On ICE Futures U.S. in New York, cotton for December delivery dropped 3.1 percent to 71.05 cents a pound.

Arabica-coffee futures for September delivery slid 1.1 percent to $1.8185 a pound.

Cocoa futures for September delivery fell 0.1 percent to $2,195 a metric ton.

Raw-sugar futures for October delivery rose 0.1 percent to 22.79 cents a pound.


Hog futures fell to the lowest in 18 months on signs of waning demand for U.S. pork.

On the Chicago Mercantile Exchange, hog futures for October settlement fell 1.9 percent to 77.675 cents a pound, after reaching 77.55 cents, the lowest since Jan. 5, 2011.

Cattle futures for October delivery slid 0.5 percent to $1.19975 a pound.

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