Commodities: Oil gains on dollar weakness
The weak dollar revived interest in oil mid-week, enough to have traders playing down a rise in supplies.A late rally had US light crude for September delivery closing up 55 cents in New York at $71.97 a barrel as the ailing greenback made US dollar denominated commodities like oil more attractive.
It had to overcome early weakness following a report from the Department of Energy revealing crude supplies grew by a bigger than expected 1.7m barrels in the week ended 31 July.
But experts pointed out that a 1.2m barrel rise in stockpiles at the Nymex futures-contract delivery point in Cushing to 33.3m barrels was a bearish sign.
On the metal markets, gold’s four-day winning streak came to an end as investors mulled further job losses in the US private sector and weaker services sector data.
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| Name | Price | 1 Day Change | 1 Day % Change | Units |
|---|---|---|---|---|
| Gold | $960.50 | $0.00 | 0.00% | $/troy oz |
| Silver | $14.08 | +$0.59 | +4.19% | $/troy oz |
| Palladium | $273.00 | +$4.00 | +1.47% | $/troy oz |
| Platinum | $1,236.00 | +$42.00 | +3.40% | $/troy oz |
| Cattle | 152.73p | 0.000p | 0.00% | p/kg |
| Pigs | 155.09p | 0.000p | 0.00% | p/kg |
| Lamb | 143.72p | 0.000p | 0.00% | p/kg |
| Brent Crude | $74.29 | +$0.21 | +0.28% | $/barrel |
| Krugerrand | $1,000.20 | -$1.10 | -0.11% | $/troy oz |
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