Commodities Finish Traading Mixed with Gold Higher While Oil Sinks


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Commodities ended trading mixed Wednesday with gold ending higher and oil finishing the day in the red.

Gold futures for June delivery rose $9.60, or 0.8%, to $1,148.80 an ounce on the Comex division of the New York Mercantile Exchange.

Shares of the SPDR Gold Trust ( GLD ) were higher rising 0.9% while the Market Vectors Gold Miners ETF ( GDX ) was up 0.54%.

Gold futures saw gains as investors sought a safe haven on skepticism that a Greek aid package will resolve the nation's debt.

Meanwhile crude oil futures were down $0.19, or 0.23%, to $83.66 at the New York Mercantile Exchange.

Energy shares were facing headwinds after the Energy Information Administration reported that crude-oil inventories rose 1.9 million barrels in the latest week. Analysts surveyed by Platts were expecting a more modest gain of 300,000 barrels.

Gasoline stockpiles rose 3.6 million barrels versus expectations of a 100,000 gain. Distillate stockpiles added 2.1 million barrels, also above expectations.

State oil giant Saudi Aramco has approached firms that could replace ConocoPhillips ( COP ) as its partner at the Yanbu refinery project, reported Reuters, citing industry sources. A Chinese firm is among the companies, the report said.

ConocoPhillips shares were down 1.31%, or $0.75, to $56.65.

Meanwhile, Transocean Ltd. ( RIG ) fell after the company reported a fire onboard its semisubmersible drilling rig Deepwater Horizon. The U.S. Coast Guard said seven workers were critically injured and up to 12 remain missing.

Transocean shares were down 2.43%, or $2.24, to $89.79.

Earlier in the day, Freeport-McMoRan Copper & Gold Inc ( FCX ) reported a twentyfold jump in first-quarter profit on Wednesday and said it was doubling its dividend as global demand for metals has soared.

Freeport shares were down 3.7%, or $2.99, to $77.81.

The company's stock fell more than 3 percent on a day when the price of copper dropped more than 1 percent to around $3.50 per pound.

In other metal futures, silver was up 1.59%, or $0.28, to $18.10 a troy ounce while copper was up 0.34%, or $1.20 to $354.75 a pound.

In other energy futures, heating oil turned higher, climbing 1.28%, or $0.03, to $2.20 while natural gas futures were down 0.13%, or $0.01 to $3.97.

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This article appears in: Investing , Commodities
More Headlines for: COP , FCX , GDX , GLD , RIG

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