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Commodities: Crude rises for a second day
Fri, 7th Oct 2011 07:36
Oil rose for a second consecutive day, with the November contract for West Texas sweet light crude up 3.65% to $82.59 per barrel on the New York Mercantile Exchange, settling at its highest price since 27 September.
On Wednesday, crude for November delivery had closed higher at $79.68 a barrel, following the Department of Energy's weekly inventory report, and for a while it looked like it would give up some of its gains on Thursday, dipping as low as $79.08 per barrel before rising as high as $82.90 at one stage.
Natural gas was also heading up, gaining 0.8% to finish at $3.6 per million British thermal units. Natural gas supplies increased 97 bn cubic feet in the week to the end of September.
Gold and silver were also both on the up, with the December contract for gold up $11.6 to $1,653.2 and the contract for the same month for silver soaring 5.45%, or $1.653 to $32..
The increases came as optimists believe European officials are making progress in dealing with the debt crisis.
Standard & Poor's GSCI Index of 24 raw materials gained 2.6%, with silver leading the way alongside copper.
A smaller increase in jobless claims than expected was seen for the week to the 1 October, with figures rising by 6,000 to a (seasonally adjusted) 401,000.
NR
On Wednesday, crude for November delivery had closed higher at $79.68 a barrel, following the Department of Energy's weekly inventory report, and for a while it looked like it would give up some of its gains on Thursday, dipping as low as $79.08 per barrel before rising as high as $82.90 at one stage.
Natural gas was also heading up, gaining 0.8% to finish at $3.6 per million British thermal units. Natural gas supplies increased 97 bn cubic feet in the week to the end of September.
Gold and silver were also both on the up, with the December contract for gold up $11.6 to $1,653.2 and the contract for the same month for silver soaring 5.45%, or $1.653 to $32..
The increases came as optimists believe European officials are making progress in dealing with the debt crisis.
Standard & Poor's GSCI Index of 24 raw materials gained 2.6%, with silver leading the way alongside copper.
A smaller increase in jobless claims than expected was seen for the week to the 1 October, with figures rising by 6,000 to a (seasonally adjusted) 401,000.
NR
