Crude oil prices jumped above $84 a barrel late on Thursday after production platforms in the Gulf of Mexico were shut down ahead of a threatened tropical storm. | Nymex October West Texas Intermediate hit a record $84.10 a barrel, up $2.17, but settled at $83.32, up $1.39 on the day. The October contract expired at the end of trading. The most active November WTI contract was up $1.05 at $80.75.
ICE November Brent closed 62 cents higher at $79.09 after peaking at an all-time high of $79.23.
Oil companies such as BP and Shell closed about 360,000 barrels a day of production or 27 per cent of the total in the Gulf of Mexico.
Agricultural commodities rose as Russia confirmed plans to curtail cereal exports and China said that it would encourage grain imports to cool down domestic food inflation. Wheat prices climbed after Russia said that it planned to levy an export tariff of 10 per cent on foreign wheat sales if prices continued to rise.
German Gref, Russian economics minister, said that details of the move would be announced next week. He added “there will be an intervention if prices exceed a certain range. In this case, there will be an export tariff of 10 per cent”.
At the Chicago Board of Trade, December wheat rose 13 cents to $8.58 a bushel. CBOT wheat last week reached a record high of $9.11¼ a bushel. In Paris, Euronext Liffe January milling wheat rose €3 to $255 a ton.
Cereals traders said the Russian measure would reduce Moscow cereals sales. It is unclear if a 10 per cent tariff will be enough to curtail exports significantly. Russia is the world´s fifth-largest wheat producer and exporter, according to Deutsche Bank.
Via|The Teheran Times
ICE November Brent closed 62 cents higher at $79.09 after peaking at an all-time high of $79.23.
Oil companies such as BP and Shell closed about 360,000 barrels a day of production or 27 per cent of the total in the Gulf of Mexico.
Agricultural commodities rose as Russia confirmed plans to curtail cereal exports and China said that it would encourage grain imports to cool down domestic food inflation. Wheat prices climbed after Russia said that it planned to levy an export tariff of 10 per cent on foreign wheat sales if prices continued to rise.
German Gref, Russian economics minister, said that details of the move would be announced next week. He added “there will be an intervention if prices exceed a certain range. In this case, there will be an export tariff of 10 per cent”.
At the Chicago Board of Trade, December wheat rose 13 cents to $8.58 a bushel. CBOT wheat last week reached a record high of $9.11¼ a bushel. In Paris, Euronext Liffe January milling wheat rose €3 to $255 a ton.
Cereals traders said the Russian measure would reduce Moscow cereals sales. It is unclear if a 10 per cent tariff will be enough to curtail exports significantly. Russia is the world´s fifth-largest wheat producer and exporter, according to Deutsche Bank.
Via|The Teheran Times
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