Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Commodities Rise Most in Five Weeks as Oil Jumps on Dollar

Commodities rose the most in five weeks and oil jumped as the dollar weakened against the euro and U.S. lawmakers prepared to resume budget talks.

The Standard & Poor’s GSCI Spot Index of 24 raw materials gained 1.3 percent, the biggest increase since Nov. 19. The euro strengthened against the dollar for the first time in four days. President Barack Obama planned to resume talks with congressional officials to avert spending cuts and tax increases that start from Jan. 1.

“The likelihood of anything substantive is extremely low,” said James Dailey, who manages $215 million at TEAM Financial Asset Management LLC in Harrisburg, Pennsylvania. “Whether they’ll put together some kind of patch to get us through another four or twelve weeks, I won’t completely eliminate the chance of that happening.”

The S&P’s GSCI index advanced to 646.31, the highest level since Dec. 3. The euro strengthened as much as 0.5 percent to $1.3254. A stronger euro and weaker dollar increase oil’s appeal as an investment alternative.

Oil for February delivery added $2.37, or 2.7 percent, to end at $90.98 a barrel on the New York Mercantile Exchange, the highest settlement since Oct. 18. The futures account for about 30 percent of the GSCI index.

Brent Rises

Brent oil for February settlement rose $2.27, or 2.1 percent, to close at $110.07 a barrel on the London-based ICE Futures Europe.

Natural gas gained for the first time in three days as freezing weather spurred demand for heating fuels. Futures for January delivery rose 1.4 percent to end at $3.392 per million British thermal units on the Nymex.

In other commodities, copper capped the biggest gain in almost four weeks after workers rejected a wage proposal at BHP Billiton Ltd.’s Escondida mine, the world’s largest source of the metal.

Copper futures for March delivery climbed 1.5 percent to settle at $3.5975 a pound on the Comex in New York.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.