Oil, Energy Prices Jump on Asian Economic Reports

Oil prices rose Monday after investors got two positive reports on Chinese exports and economic growth in Japan.

U.S. oil for July delivery gained $1.75, or 1.7 percent, to close at $104.41 a barrel, its highest closing price since March 3. Wholesale gasoline futures rose 5 cents, or nearly 2 percent, to $2.98 a gallon.

Chinese exports rose 7 percent in May, up from a 0.9 percent increase in April. Increased exports could result in higher Chinese demand for commodities, including oil.

Meanwhile, Japan raised its estimate for first-quarter economic growth to 6.7 percent from 5.9 percent.

Metal prices mostly rose. Gold for August delivery rose $1.40, or 0.1 percent, to $1,253.90 an ounce; and silver rose 8 cents, or 0.4 percent, to $19.07 an ounce. July platinum rose $1.30, or 0.1 percent, to $1,454.30 an ounce; and September palladium fell $2.65, or 0.3 percent, to $841.60 an ounce.

In agricultural commodities, wheat fell 6 cents, or 0.1 percent, to $6.13 a bushel. Corn fell 8 cents, or 1.7 percent, to $4.51 a bushel; and soybeans were unchanged at $14.57 a bushel.

This article appeared in print in the June 10th, 2014 edition of Hamodia.