Commodities End Trading Mixed as Gold Rises and Oil Falls


Commodities ended Wednesday trading mixed as oil fell due to supply concerns while gold pushed to new highs.

Crude oil for June delivery was down $0.95, or 1.24%, to $75.42. In other energy futures, heating oil was off 1.06%, or $0.03, to $2.16 whil natural gas was off 1.24%, or $0.95, to $75.42.

Meanwhile, gold futures added $22.80, or 1.9%, to $1,243.10 an ounce by the close of trading. In other metals, silver futures moved up $1.87, or $0.36, to $19.66 while copper futures were down 0.84%, or $0.03, to $3.17.

Gold futures pushed higher on concerns about Europe's nearly $1 trillion rescue plan and its potential for inflation showed no signs of letting up.

Oil futures are lower after the Energy Information Administration reported inventories increasing by 1.95 million barrels. Gasoline inventories are up by 2.8 million barrels, whereas most analysts were expecting a small increase, according to MarketWatch.

In energy company news, ConocoPhillips ( COP ) CEO Jim Mulva saif the company's planned asset sale could top $10 billion, according to a report from Reuters, on the company's annual meeting.

ConocoPhillips shares are up 0.59%, or $0.34, to $57.62.

Also Wednesday, a move by BP plc ( BP ) to curb damage from the Gulf of Mexico oil spill is "venturing into uncharted scientific territory," said Environmental Protection Agency Administrator Lisa Jackson, according to Bloomberg.

Shares of BP were down $0.40, or $0.40, to $48.34.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: BP , COP

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