WTI Crude Gains a Third Day; Gold Climbs: Commodities at CloseAlexander Kwiatkowski
The Standard & Poor’s GSCI gauge of 24 commodities adds 0.3% to 632.97 at 5:17 p.m. in Singapore. UBS Bloomberg CMCI index of 26 raw materials advances 0.1% to 1,488.81.
* OIL/PRODUCTS ** West Texas Intermediate crude heads for the biggest three-day gain in nine months as air strikes in Syria renew concern that unrest will spread in the Middle East and disrupt supply. London’s Brent oil rises ** WTI for June delivery gains as much as $1.56 to $97.17 a barrel in electronic trading on the New York Mercantile Exchange and is at $96.23 at 3:12 p.m. Singapore time ** Singapore naphtha’s discount to London Brent crude widens 9 cents to $12.33/bbl
* PRECIOUS/BASE METALS ** Gold climbs for a third day toward the most expensive since April 15, when it completed its worst slump in three decades, as investors weigh rising physical sales against falling investment demand ** Bullion for immediate delivery rises as much as 0.6 percent to $1,479.08 an ounce ** Silver advances as much as 1.4 percent to $24.451 an ounce, the highest level since April 30 ** Copper futures decline in New York after surging the most in 18 months as better-than-expected U.S. employment growth spurs optimism demand may rise in the second-biggest user
* SOFT COMMODITIES/GRAINS ** Palm oil tumbles to near a three-year low as the ringgit climbs the most since 1998 after Malaysian Prime Minister Najib Razak won re-election, lowering the appeal of commodities priced in the nation’s currency ** Palm oil for July delivery falls as much as 1 percent to 2,230 ringgit ($752) a metric ton on the Bursa Malaysia Derivatives, the lowest price for the most-active contract since Dec. 13, and ends the morning session at 2,238 ringgit