Sun, Dec 25, 2011 - Page 10 News List

Oil posts biggest weekly gain in two months, gold falls

Bloomberg

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.1 percent to close at 645.88 at 3:44pm in New York on Friday, led by gasoline, hogs and copper. The UBS Bloomberg CMCI index of 26 raw materials climbed 0.2 percent to 1,518,97, up for a sixth straight session.

OIL: Crude oil rose, capping its biggest weekly gain in two months, as US economic reports signaled that growth in the world’s biggest crude-consuming country would accelerate.

Oil for February delivery advanced 0.2 percent to US$99.68 a barrel on the New York Mercantile Exchange, the highest settlement since Dec. 13. Futures gained 6.6 percent for the week and have climbed 9.1 percent this year after increasing 15 percent last year.

Brent oil for February settlement gained 0.1 percent to end the session at US$107.96 a barrel on the London-based ICE Futures Europe exchange. The European contract’s premium to New York Mercantile Exchange (NYMEX) crude narrowed to US$8.28 a barrel, the smallest differential based on closing prices since March 8. The spread surged to a record US$27.88 on Oct. 14.

Most US Gulf oils weakened as the difference between West Texas Intermediate and Brent narrowed a sixth consecutive day.

PRECIOUS METALS: Gold fell in New York for the third straight day on Friday on speculation a stronger US dollar would curb demand for the metal as an alternative asset.

Gold futures for February delivery slipped 0.3 percent to settle at US$1,606 an ounce on the NYMEX’s Commodity Exchange (COMEX). There were 96,547 futures in the contract traded on Thursday, compared with 189,916 a week earlier.

Silver futures for March delivery added 0.1 percent to US$29.084 an ounce on the COMEX. Still, prices declined 2 percent this week.

On the NYMEX, palladium futures for March delivery gained 1.8 percent to US$665.25 an ounce, extending this week’s gain to 6.5 percent. Platinum futures for January delivery rose 0.4 percent to US$1,429.50 an ounce.

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