Oil Rises to Three-Month High on Supplies: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.2 percent to 676.69 at 4:11 p.m. in New York. The UBS Bloomberg CMCI index of 26 raw materials was little changed at 1,598.175.


Crude rose to a three-month high after U.S. inventories tumbled and Federal Reserve meeting minutes showed many policy makers backed enacting more stimulus measures soon.

Oil for October delivery rose 42 cents to $97.26 a barrel on the New York Mercantile Exchange, the highest settlement since May 7. Prices have rallied 25 percent from this year’s settlement low of $77.69 on June 28.

Brent crude for October settlement increased 27 cents to


Corn and soybean futures declined on speculation that the worst U.S. drought since 1956 caused less crop damage than the government expected in Indiana, the nation’s fifth-largest grower. Wheat also fell.

Corn futures for December delivery declined 0.5 percent to settle at $8.3475 a bushel at 2 p.m. on the Chicago Board of Trade. The price yesterday reached $8.40, the highest since touching a record $8.49 on Aug. 10. The most-active contract is up 65 percent since mid-June.

Soybean futures for November delivery fell 0.3 percent to $17.2775 a bushel on the CBOT, after reaching a record $17.3425. The price is up 31 percent since June 15.


Natural gas futures gained for the second time in three days in New York on concern that Tropical Storm Isaac will disrupt production in the Gulf of Mexico.

Natural gas for September delivery rose 5.1 cents to settle at $2.826 per million British thermal units on the Nymex. The


Gasoline jumped to a 16-week high after an Energy Department report showed stockpiles slipped to a 10-week low and as minutes from a Federal Reserve meeting indicated policy makers may expand fiscal easing soon.

September-delivery gasoline rose 3.9 cents, or 1.3 percent, to 3.1042 on the Nymex, the highest settlement since April 30. The more actively traded October contract gained 3.14 cents to $2.9382.

Regular gasoline at the pump, averaged nationwide, fell a second straight day, losing 0.1 cent to $3.716 a gallon yesterday, AAA data showed. Gasoline has climbed 39 cents since July 1, according to data from the nation’s largest motoring organization.

Heating oil for September delivery rose 0.44 cent to


Cocoa futures fell to the lowest in more than two weeks as crop concerns eased in Ivory Coast, the world’s top bean grower. Coffee also dropped, while sugar rose.

Cocoa for December delivery declined 2.2 percent to settle at $2,380 a metric ton at 12:04 p.m. on ICE Futures U.S. in New York. Earlier, the price dropped to $2,369, the lowest for a most-active contract since Aug. 6.

Arabica-coffee futures for December delivery slid 1.3 percent to $1.621 a pound in New York.

BASE METALS Tin prices in London jumped to a two-month high on speculation that supply will trail demand after producers in Indonesia idled smelters.

On the London Metal Exchange, tin for delivery in three month climbed 2.9 percent to $19,500 a metric ton at 5:51 p.m. The metal reached $19,525, the highest since June 20. The commodity gained for the fifth straight session, the longest rally since late April.


Platinum futures jumped to the highest since May on concern that a deadly mine-labor dispute in South Africa may spread, disrupting supplies from the world’s largest producer of the metal. Gold fell.

Platinum futures for October delivery climbed 1.2 percent to close at $1,526.50 an ounce at 1:22 p.m. on the New York Mercantile Exchange. Earlier, the price reached $1,530.60, the highest for a most-active contract since May 8.

Palladium futures for September delivery advanced 0.7 percent to $628.75 an ounce. Earlier, the metal reached $634.70, the highest since June 19.

On the Comex, gold futures for December delivery fell 0.1


Hog futures plunged to the lowest since 2010 on speculation that pork supplies will outpace demand as producers send more animals to slaughter because of rising feed costs. Cattle fell to a two-week low.

Hog futures for October settlement dropped 3.5 percent to settle at 73.175 cents a pound at 1 p.m. on the Chicago Mercantile Exchange, after reaching 73.1 cents, the lowest for the most-active contract since Nov. 16, 2010.

Cattle futures for October delivery slid 0.1 percent to settle at $1.24475 a pound in Chicago, after reaching $1.24225, the lowest since Aug. 7. The price has climbed 2.5 percent this year.

Feeder-cattle futures for October settlement rose 0.4

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