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.



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 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: COP , FCX , GDX , GLD , RIG

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