Commodity Blog

Commodities rallied today on hopes that the Greek lawmakers will accept the austerity measures required to get the bailout and on the outlook for higher demand. Crude oil, copper and gold were among gainers. The weakness of the dollar also helped commodities.

Total amount of oil-related products supplied to the US, which indicates demand for fuel, increased 1.2 percent to 19 million barrels per day in the week ended June 17, according to the report of the Energy Department last week. The US crude oil inventories fell by 1.5 million barrels in the previous week, according to analysts’ estimates before the government report tomorrow.

August contract for crude oil delivery rose $2.28 to $92.89 per barrel on NYMEX. August futures for gold went up $3.80 (0.3 percent) to $1,500.20 per ounce as of 13:38 on COMEX. Contract for delivery of copper in three months climbed 0.6 percent to $9,020 before trading at $9,019 on LME.

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