Market Updates

Crude Surges, Gold Falls

Ivaylo
28 Jun, 2007
New York City

    Crude oil and gasoline futures finished higher on Wednesday after an inventory report that showed that gasoline supplies might be diminishing. Heating oil also rose after a decline in distillate stocks surprised traders. Gold and silver prices declined, while copper futures advanced. Agriculture product prices reacted to changing weather patterns and dropped.

[R]5:30AM Gold and silver retreated, while crude oil gained.[/R]

Crude oil for August delivery advanced $1.20 to settle at $68.97 on the New York Mercantile Exchange. The contract reached $69.21 during the session. Brent crude futures advanced 31 cents to settle at $70.53 on London ICE Futures exchange. Gasoline rose 0.77 cent to close at $2.2546 a barrel.

Gold for August delivery declined 50 cents to end at $644.80 an ounce on the Nymex on Wednesday, a day after prices reached their lowest level since mid-January. Silver also fell, with the July contract losing 7 cents to end at $12.21 an ounce. Copper prices edged higher on news that workers at the largest copper mine in Europe, KGHM in Poland, will vote on a potential strike. Nymex copper rose 4.35 cents to settle at $3.357 a pound.

In Chicago, corn prices rebounded on reports that rains have finally reached the parched eastern Corn Belt. Corn for July delivery shed 12.6 cents a bushel to settle at $3.436 on the Chicago Board of Trade. Wheat contract for July delivery retreated, ending down 2.4 cents to $6.06 a bushel. July soybeans shed 3.4 cents to end at $8.034 a bushel.

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