Commodities: Crude settles higher in light trade

Date: Tuesday 29 May 2012

Crude oil prices advanced on Monday in lighter than usual trade with stock markets in the US and parts of Europe closed for a holiday.

Crude for July delivery rose 29 cents to settle at $91.15 a barrel on the New York Mercantile Exchange. Normal floor trading was closed for Monday's US Memorial Day holiday.

On London's ICE futures exchange July Brent settled up 28 cents at $107.11 in lower than normal volumes with the US holiday.

Traders were reluctant to take new positions due to Memorial Day weekend but continued to monitor headlines about Iran and the International Energy Agency and Europe's debt crisis.

Investors took some comfort in headlines that the latest Greek opinion polls showed increasing support for pro austerity parties.

Meanwhile following a two-day meeting between Iran and the international community the conclusion was that "significant differences remain". Another meeting is scheduled in Moscow next month.

Among precious metals gold nudged higher on Monday in electronic trading, helped by the slightly weaker dollar.

Gold for June delivery added $4.10 to $1,573 an ounce on the Comex division of the New York Mercantile Exchange.

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