Commodities: Oil jumps on Federal Reserve plans

Date: Friday 15 Jun 2012

Crude oil futures climbed higher on Thursday on reports the Federal Reserve is planning to take further action in a bid to improve economic growth.

Also pushing the commodity higher was the Organization of the Petroleum Exporting Countries' decision to leave its collective production ceiling as it is, at 30m barrels per day, following a meeting in Vienna.

The July contract for West Texas light sweet crude oil rose 1.56%, or $1.29, to $83.91 per barrel on the New York Mercantile Exchange.

Natural gas jumped 14.19% to $2.50 after the Energy Information Administration said that inventories of the commodity leapt 67bn cubic feet for the week ended June 8th.

Unleaded gas and heating oil also climbed higher, up 0.79% and 0.65%, respectively.

In metals, gold made the minimal gain of 0.01%, equal to just $0.20, settling at $1,619.60 per troy ounce on the August contract.

While platinum rose 1.41% to $1,492.60 and copper climbed 0.45% to $3.35, silver was a notable faller, having ended the day down 1.85% at $28.41 per troy ounce.

NR

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