Portfolio

Commodities: Crude snaps losing streak

Date: Wednesday 13 Jun 2012

Commodities: Crude snaps losing streak

US crude oil future settled higher on Tuesday, snapping a three-day losing streak, as demand mirrored markets gains.

A positive day on the stocks markets and gains in the euro against the dollar lifted demand for crude oil, which have been dogged by concern about demand as Europe's debt crisis rages on.

Investors continued to mull developments in Europe and also looked ahead to OPEC's meeting on Thursday.

Crude for July delivery gained 62 cents to settle at $83.32 a barrel on the New York Mercantile Exchange.

On the ICE futures exchange Brent crude for July delivery lost 86 cents to $97.14 a barrel.

OPEC Members are to meet in Vienna later this week for a conference and will also hold their official meeting on production quotas. Saudi Arabia’s oil Minister Ali Naimi said he wouldn't ask for OPEC to boost its production levels at the meeting.

Among precious metals gold breezed past $1,600 an ounce on Tuesday as the yields on Spanish and Italian bonds spiked.

Gold for August delivery climbed $17 to settle at $1,613.80 an ounce on the Comex division of the New York Stock Exchange.

Silver for July added 33 cents to settle at $28.95 an ounce.



CJ

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