Commodities: Crude logs small gain

Date: Monday 18 Jun 2012

Crude oil futures eked out a small gain on Friday ahead of elections in Greece, which will ultimately decide whether the nation remains in the Eurozone.

Crude for July delivery added 12 cents to settle at $84.03 a barrel on the New York Mercantile Exchange. Over the week, crude settled a few cents higher.

On the ICE futures exchange Brent crude for August delivery lost 27 cents at $97.61 a barrel.

Markets were eagerly awaiting the outcome of the Greek election and whether the country's pro-bailout party wins. There has been concern about Greece's anti-austerity party winning power, resulting in a messy exit from the Eurozone.

Meanwhile traders also digested disappointing US economic data. Manufacturing activity in New York in June far way below expectations, to the lowest level since November. Industrial production in May fell 0.1%, confounding expectations of a modest increase.

The data underlined concern about the outlook for the US economy but also fuelled hopes that the Federal Reserve will take further steps to boost the US economy.

Gold settled 0.5% higher on Friday, rising for the sixth consecutive session, on hopes of fresh stimulus from central banks across the globe.

Gold for August delivery gained $8.50 to settle at $1,628.10 an ounce on the Comex division of the New York Stock Exchange.



CJ

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