Commodities: Oil, Metals Up as China Avoids Rate Hike

By
A A A

Crude oil is up sharply this morning, gaining $1.33 to 89.11 a barrel after Chinese officials held off from raising interest rates to counter inflation. Gold and copper also are surging.

A Chinese government report showing refineries ran at record levels during November also was bullish for oil futures, which on Friday had fallen to its lowest settlement since Dec. 1. The International Energy Agency also increased its global crude- oil demand forecast for next year, citing consumption gains in North America and China.

Gold is up $7 to $1,391.90 an ounce while March Copper is up nearly $0.07 to $4.1790.


In company news, General Electric Co. ( GE ) agreed to buy British oilfield-services provider Wellstream Holding plc for about $1.3 billion.

Airgas Inc. ( ARG ), meanwhile, disclosed over the weekend that its directors are now disagreeing over the minimum price they would accept for the supplier of industrial gases -- breaking from their unanimous front for the first time as the firm weighs outside offers.



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: ARG , GE

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

67%
89%

Most Active by Volume

33,974,386
  • $17.98 ▲ 0.28%
20,763,901
  • $91.29 ▲ 2.06%
19,110,793
  • $7.26 ▼ 1.22%
18,528,869
    $8.33 unch
18,014,920
  • $4.19 ▼ 1.18%
16,448,919
  • $25.83 ▼ 0.19%
14,748,190
  • $7.60 ▼ 1.43%
14,144,383
  • $112.01 ▼ 0.47%
As of 12/24/2014, 02:12 PM


Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com