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
In energy company news, ConocoPhillips (
) CEO Jim Mulva saif the company's planned asset sale could top $10
billion, according to a report from Reuters, on the company's
ConocoPhillips shares are up 0.59%, or $0.34, to $57.62.
Also Wednesday, a move by BP plc (
) 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.
Copyright (C) 2013 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.