6/20/2012 05:51:00 PM
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Crude Oil Updates
Oil traded near the highest close in two days as rising imports by Japan and speculation the Federal Reserve will add stimulus to the U.S. economy countered concern that Europe’s debt crisis will derail the global recovery. Futures were little changed in New York after falling as much as 0.3 percent. Japan’s crude imports gained 7.1 percent in May from a year ago, according to data from the finance ministry. The Fed concludes a two-day meeting in Washington today, while Spain holds a bond auction tomorrow. Oil slid earlier after an industry report showed U.S. crude tock piles dropped 550,000 barrels last week.
Copper Updates Today
Copper futures rose, extending the longest rally in seven weeks, on signs of recovery in the U.S. housing market and prospects for higher demand in China, the world’s largest consumer of industrial metals. Building permits, a proxy for future construction, were the highest in May since September 2008, and construction of single- family houses gained, U.S. data showed today.
Oil traded near the highest close in two days as rising imports by Japan and speculation the Federal Reserve will add stimulus to the U.S. economy countered concern that Europe’s debt crisis will derail the global recovery. Futures were little changed in New York after falling as much as 0.3 percent. Japan’s crude imports gained 7.1 percent in May from a year ago, according to data from the finance ministry. The Fed concludes a two-day meeting in Washington today, while Spain holds a bond auction tomorrow. Oil slid earlier after an industry report showed U.S. crude tock piles dropped 550,000 barrels last week.
Copper Updates Today
Copper futures rose, extending the longest rally in seven weeks, on signs of recovery in the U.S. housing market and prospects for higher demand in China, the world’s largest consumer of industrial metals. Building permits, a proxy for future construction, were the highest in May since September 2008, and construction of single- family houses gained, U.S. data showed today.
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