WTI Oil Gains, Wheat Extends Rising Streak: Commodities at CloseJasmine Ng
The Standard & Poor’s GSCI gauge of 24 commodities rises 0.4% to 628.2 at 5:10 p.m. Singapore time. UBS Bloomberg CMCI index of 26 raw materials up 0.2% at 1,486.5.
* OIL/PRODUCTS ** WTI crude rises to trade near its highest intraday level in four days after an industry report showed U.S. inventories dropped the most since Dec. ** WTI for July delivery climbs as much as 0.7% to $93.98/bbl in electronic trading on Nymex
* NATURAL GAS ** Natural gas gains for third day in New York after rising yesterday on forecasts that warmer weather in the southern U.S. would mean more demand for air conditioning
* PRECIOUS/BASE METALS ** Gold trades little changed near $1,400/oz in London as investors weigh a decline in equities against speculation the Fed will curb its stimulus program ** Gold for immediate delivery adds 0.1% to $1,401.24/oz ** Silver for immediate delivery adds 0.2% to $22.59/oz
* SOFT COMMODITIES ** Wheat climbs for fourth day, longest rising streak since March, as excessive rains in parts of U.S. Midwest delayed planting of spring crop ** Contract for July delivery rises as much as 0.5% to $7.125 a bushel on the Chicago Board of Trade ** Palm oil rises on speculation that stockpiles in Malaysia,