Oil Tumbles as Gaza Cease-Fire Expected: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials fell 1.2 percent to settle at 642.72 at 3:48 p.m. in New York, led by energy.

The UBS Bloomberg CMCI gauge of 26 prices declined 0.7 percent to 1,566.27.


Crude oil tumbled from a one-month high as Hamas said a draft accord for a cease-fire that would end fighting between Israel and Palestinian groups in the Gaza Strip is almost ready.

Hamas official Osama Hamdan said from Beirut that the cease-fire will take effect at midnight. Prices surged 2.7 percent yesterday as the conflict escalated.

On the New York Mercantile Exchange, oil futures for January delivery fell 2.8 percent to $86.75 a barrel. Yesterday, the price closed at the highest since Oct. 19.

Brent oil for January settlement 1.7 percent to $109.83 a barrel on the London-based ICE Futures Europe exchange.

Trafigura Beheer BV sold a cargo of North Sea Forties at the lowest in seven weeks. No bids or offers were made for Russian Urals blend in Europe for the second straight day.

Russia’s OAO Surgutneftegas sold via a tender two cargoes of Urals of 100,000 metric tons for loading from Baltic Sea


Gasoline fell after Hess Corp. returned its New Jersey refinery to full production and crude declined.

On the Nymex, gasoline futures for December delivery dropped 1.5 percent to $2.7125 a gallon, the largest decline since Nov. 7.


Coffee fell the most in a week on signs of higher output in Brazil, the world’s top grower.

On ICE Futures U.S. in New York, arabica coffee for March delivery declined 3.1 percent to $1.5245 a pound, the biggest drop for a most-active contract since Nov. 13.

Raw-sugar futures for March delivery slid 0.2 percent to 19.9 cents a pound.

Orange-juice futures for January delivery surged 4.2 percent to $1.22 a pound after touching $1.233, the highest for a most-active contract since Sept. 24.

Cocoa futures for March delivery advanced 1.4 percent to $2,456 a metric ton.


Gold declined from a one-week high as a Hamas official said a draft accord with Israel that would end fighting in the Gaza Strip is almost ready, crimping demand for the metal as an investment haven.

On the Comex in New York, gold futures for December delivery fell 0.6 percent to $1,723.60 an ounce after reaching $1,736, the highest since Nov. 12.

Silver futures for December delivery dropped 0.8 percent to $32.93 an ounce after touching $33.26, the highest since Oct. 18.

On the Nymex, platinum futures for January delivery slid


Copper fell from a two-week high after Moody’s Investors Service cut France’s top credit rating, renewing concern that Europe will remain mired in a debt crisis that slows economic growth and metal demand.

On the Comex, copper futures for delivery in March slid 0.3 percent to $3.5265 a pound, a day after reaching $3.55, the highest since Nov. 2.

On the London Metal Exchange, copper for delivery in three months dropped 0.3 percent to $7,783 a ton ($3.53 a pound).


Natural gas climbed to the highest in a year on forecasts for a colder-than-normal December that would increase heating demand.

On the Nymex, gas futures for December delivery rose 3 percent to $3.832 per million British thermal units, the highest settlement since Oct. 31, 2011.

U.K. gas for next-day delivery advanced on predictions of higher demand amid forecasts for cooler weather.

The price rose 0.8 percent to 65.6 pence a therm at 4:18


Wheat rose for the second straight day on speculation that dry weather may reduce yields in the U.S., the world’s biggest exporter.

On the Chicago Board of Trade, wheat futures for March delivery increased 0.3 percent to $8.605 a bushel. The price climbed 0.5 percent yesterday.

Corn futures for March delivery gained 0.6 percent to $7.4725 a bushel.


Cattle rose, capping the longest rally in four weeks, on speculation that demand for beef will accelerate as U.S. consumers boost purchases for the Christmas holiday.

On the Chicago Mercantile Exchange, cattle futures for February delivery climbed 0.3 percent to $1.30525 a pound. The price rose for the fourth straight session, the longest rally since mid-October.

Feeder-cattle futures for January settlement climbed less than 0.1 percent to $1.4605 a pound.

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