Commodities End Trading Mixed; Gold Higher as Crude Oil Sinks Below $85 a Barrel

By Staff,

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Commodities ended the day mixed as crude oil futures finished lower while gold futures closed on a high note.

Crude oil for June delivery declined $0.92, or 1.1%, to close at $84.20 a barrel on the New York Mercantile Exchange. In other energy futures, heating oil was down 0.53%, or $0.01, to $2.23 while natural gas was up 0.54%, or $0.02, to $4.28.

Meanwhile, gold for June delivery rose $0.30, or 0.03%, to $1,154 an ounce while platinum for July delivery added $3.30, or 0.2%, to close at $1,745 an ounce. Silver for May delivery rose $0.14, or 0.8%, to end at $18.33 an ounce. Palladium for June delivery gained $3.20, or 0.6%, to $566.40 an ounce.

Oil futures sank throughout the day mostly on a rising dollar and continued worries about Greece's debt situation.

According to a MarketWatch story, "German Chancellor Angela Merkel said in a press conference that aid will be provided to Greece if absolutely necessary and if Greece meets certain conditions, cautioning that an aid deal still needs to be worked out."

In energy stocks, German energy supplier E.ON AG is still reviewing bids for its U.S. utility business worth approximately $5.35 billion, Bloomberg reported, citing "a person briefed on the matter."

Duke Energy Corp. ( DUK ) is "among the potential buyers for the unit," the Bloomberg report said.

Duke Energy shares were up 0.09%, or $0.02, to $16.26.

Meanwhile, shares of BP plc ( BP ) struggled in the red for most of the trading session after the company said it could take months for the company to drill a

well to squelch an oil spill under the Gulf of Mexico that threatens to become

an environmental disaster, Bloomberg reported.

BP shares were down 2.81%, or $1.68, to $58.20 in afternoon trading.

Meanwhile ConocoPhillips ( COP ) shares were higher despite Benchmark lowering its rating on the company to "sell" from "hold." ConocoPhillips shares were up 0.34%, or $0.20, to $58.29 in afternoon trading.

In other commodities, corn gained on speculation that China's growing economy will boost demand for the grain from the U.S. Corn futures for July delivery rose $0.01, or 0.4%, to $3.625 a bushel on the Chicago Board of Trade.

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

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

This article appears in: Investing Commodities
Referenced Stocks: BP , COP , DUK

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