Commodities: Crude squeezes out gain

Date: Monday 28 May 2012

Crude oil futures rose modestly on Friday in lighter than usual trading ahead of an extended holiday weekend in the US.

Crude found support from news that some of Europe's leaders agreed that euro bonds deserved further study. Sentiment was also boosted a positive reading for US consumer sentiment as the job market improves.

However lack of progress over talks between Iran and world powers stifled greater appetite for oil at the end of the week and traders were reluctant to take new positions ahead of the long weekend in the US.

Crude for July delivery rose 20 cents to settle at $90.86 a barrel on the New York Mercantile Exchange, after a volatile session. Over the week crude declined 0.7%.

On the ICE futures exchange in London, Brent crude gained 28 cents to reach $106.83 a barrel.

Among precious metals gold futures gained on Friday but logged a weekly loss as investors turned to the safe haven appeal of the yellow metal.

Gold for June delivery climbed $11.40 to settle at $1,568.90 an ounce on the Comex division of the New York Mercantile Exchange.

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