Crude oil futures fell in New York, paring the biggest weekly gain since February, as a drop in Japan’s industrial output prompted traders to lock in profits from yesterday’s rally.
Crude oil rose to the highest level in more than one month as U.S. stocks rallied after Bank of America Corp. reported better-than-estimated results, raising hopes that economic growth will stabilize.
Crude oil capped the longest rally this year in New York as gasoline prices surged and the Standard & Poor’s 500 Index held gains a day after making the biggest advance since August.
-- Sugar futures fell for the third time in four sessions on forecasts that output will recover in India, the world’s top consumer and second-biggest producer. Orange juice rose to a three-week high.
Crude oil climbed the most in five weeks as the dollar tumbled to a 15-year low against the yen and a government report showed a smaller-than-forecast U.S. stockpile gain.
Raw-sugar prices fell from a three- month high as slumping U.S. equities revived concern that a slowing economy will limit demand for commodities. Cotton and orange juice climbed.
Crude oil rose for the first time in three days in New York as the euro rebounded from a six-month low, increasing the appeal of commodities as an alternative investment to the U.S. dollar.
Copper futures fell the most in six weeks on speculation that manufacturers have enough metal to meet demand.
Silver had its biggest three-day drop since March 1983, crude oil tumbled to a two-week low and gold, copper and grains fell after money managers made near-record bets on high commodity prices in April.
Sugar prices fell the most in two weeks on signs of rising supply from Brazil, the world’s largest producer. Cocoa and coffee futures also dropped.
"Japan is part of the story that's driving down oil prices."
- Richard Ilczyszyn on Oct 28, 2011