Oil, Gasoline Rise After Inventories Drop: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 raw materials rose 0.3 percent to settle at 637.61 at 4 p.m. in New York, led by oil and gasoline futures.

The UBS Bloomberg CMCI index of 26 prices declined 0.3 percent to 1,549.96.


Oil climbed after U.S. crude inventories dropped the most in seven months and the Federal Reserve said it may take steps to boost the economy.

The U.S. Energy Department said stockpiles decreased 6.52 million barrels last week, the biggest decline since December. The Federal Reserve said it will closely monitor the economy and act “as needed” to spur the recovery.

On the Nymex, oil futures for September delivery rose 1 percent to $88.91 a barrel.

BP Plc sold a cargo of North Sea Forties crude at a higher price than the previous deal. No bids or offers were made for Russian Urals in Europe. Socar Trading SA failed to sell Azeri Light in the Mediterranean.

Production of Forties blend is forecast to increase to


Gasoline rose after U.S. fuel inventories declined on falling production and higher demand.

On the Nymex, gasoline futures for September delivery climbed 2.2 percent to $2.8342 a gallon.


Copper fell the most in more than a week as reports showing weaker-than-expected manufacturing in China and the U.S. undercut demand prospects in the world’s two biggest metals users.

On the Comex in New York, copper futures for September delivery slumped 1.2 percent to $3.375 a pound, the biggest drop since July 23.

On the London Metal Exchange, copper for delivery in three months dropped 1.8 percent at $7,425 a metric ton ($3.37 a


Gold declined after Federal Reserve Chairman Ben S. Bernanke held off on increasing stimulus measures, lowering demand for the precious metal.

On the Comex, gold futures for December delivery slid 0.6


Wheat futures tumbled to the lowest in more than a week on signs that spring yields in the northern Great Plains are expected to top last year as rain improves U.S crop conditions.

On the Chicago Board of Trade, wheat futures for September delivery fell 1 percent to $8.795 a bushel, after touching $8.6175, the lowest since July 24.

Corn futures for December delivery dropped 0.6 percent to $8.005 a bushel.


Orange-juice futures fell to a two-month low on signs of improving U.S. supplies amid slowing demand.

On ICE Future U.S. in New York, orange juice for September delivery slumped 2 percent to $1.0765 a pound, after reaching $1.0515, the lowest for a most-active contract since May 24. data. The U.S. is the world’s top citrus producer after Brazil.

Raw-sugar futures for October delivery declined 0.4 percent to 22.56 cents a pound.

Cotton futures for December delivery retreated 1.1 percent to 70.56 cents a pound.

Cocoa futures for September delivery climbed 1.1 percent to $2,401 a metric ton.


Natural gas dropped from a seven-month high in New York amid speculation that demand for the fuel from power plants will slacken as the hottest weather of the year moderates.

On the Nymex in New York, gas futures for September delivery fell 1.2 percent to $3.171 per million British thermal units.

U.K. natural gas fell as liquefied fuel shipments from the South Hook terminal in Wales rose to the most in five weeks.

Gas for tomorrow dropped as much as 7.4 percent and was down 2.4 percent at 52.7 pence a therm as of 4:15 p.m. London time, according to broker data compiled by Bloomberg. Within-day


Cattle futures dropped in Chicago, marking the biggest two-day slump in almost seven weeks, on signs of increasing U.S. beef supplies.

On the Chicago Mercantile Exchange, cattle futures for October delivery slumped 0.3 percent to $1.24075 a pound. Prices have slumped 1.4 percent in two days, the biggest such drop since June 14.

Feeder-cattle futures for August settlement gained 0.8 percent to $1.39775 a pound on the CME.

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