CL1Z
Oil rose to the highest level in more than three months after a government report showed U.S. jobless claims unexpectedly declined, spurring optimism that a recovering economy will boost fuel demand. Oil advanced 2.1 percent after the Labor Department said the number of Americans filing applications for unemployment benefits fell by 10,000 to a seven-month low of 390,000 last week. Prices also rose as Italian bond yields retreated from records and Greece named an interim leader. “Folks are relieved a bit about economic news,” said Rick Mueller, a principal with ESAI Energy LLC in Wakefield,Massachusetts. “The U.S. jobs numbers today were good and it looks like the Europeans are getting it together. The Italian situation has calmed down.” Crude for December delivery climbed $2.04 to $97.78 a barrel on the New York Mercantile Exchange, the highest settlement since July 26. Prices have risen 7 percent this year. Futures dropped for the first time in six sessions yesterday. Oil extended gains after Federal Reserve Chairman Ben S.Bernanke said the central bank is concentrating “intently” on reducing unemployment and projects inflation will stay under control for the “foreseeable future.” He spoke at a town hall- style event in El Paso, Texas. Jobless claims were forecast at 400,000, based on the median estimate of economists surveyed by Bloomberg News.
GOLD
Gold futures fell the most in three weeks as demand for a haven eased after Italian bond yields dropped and a new Greek leader was named, reducing concerns that Europe’s sovereign-debt crisis will escalate. Italy sold 5 billion Euros ($6.8 billion) of one-year bills, the maximum for the Treasury auction. Lucas Papademos, a former vice president of the European Central Bank, became the head of a national unity government in Greece. Gold jumped to a record $1,923.70 an ounce on Sept. 6 on demand for an alternative to equities and some currencies. “At least for now, the fear trade has taken a back seat, “Sterling Smith, an analyst at Country Hedging Inc. in St. Paul, Minnesota, said in a telephone interview. Gold futures for December delivery fell 1.8 percent to settle at $1,759.60 at 1:48 p.m. on the Comex in New York, declining the most since Oct. 20. The metal, down 8.5 percent from the record, has climbed 24 percent this year. Billionaire Wilbur Ross said he has no desire to buy gold as an investment, preferring instead raw materials including liquefied natural gas and iron ore. After a presentation today at the Ship Finance Forum in New York, Ross said that he prefers commodities with economic value, rather than psychological. Earlier, gold touched $1,736.60, the lowest in a week. On Nov. 8, the price climbed to $1,804.40, the highest since Sept.21.
