Brent, US crude trim losses

OIL

LONDON: Brent crude retreated yesterday, as European debt concerns kept investors cautious, though supportive data from China and a forecast of strong demand growth from the International Energy Agency kept losses slim.

Brent for August delivery was down 73 cents at US$117.02 a barrel by 1222 GMT after falling as much as 86 cents to US$116.89, under pressure from an industry report showing a surprise gain in US crude inventories and a downgrade of Ireland's credit rating.

US crude fell 37 cents to US$97.06, after touching a low of US$96.53 earlier in the day. - Reuters

CPO

KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed higher yesterday due to better demand, dealers said.

A dealer said the tight grain stock in overseas markets due to biofuel use also helped yesterday's price.

July 2011, August 2011 and September 2011 gained RM48 each to RM3,079 RM3,092 and RM3,082 per tonne respectively while October 2011 rose RM60 to RM3,091.

Turnover, however, decreased to 21,582 lots from 26,227 lots on Tuesday. On the physical market, July South jumped to RM3,100 per tonne from RM3,060 per tonne. - Bernama

RUBBER

KUALA LUMPUR: The Malaysian rubber market ended mixed yesterday despite the positive sentiment on the Tokyo futures market, dealers said.

"Tokyo rubber futures settled higher in line with the firmness in other commodities," a dealer said.

"Although the market is quiet, there were several traders who bid for the commodity at higher prices," said another dealer.

At noon, the MRB's official physical price for tyre-grade SMR 20 gained 6.5 sen to 1,325.5 sen per kg while latex-in-bulk declined 4 sen to 876 sen. The unofficial sellers closing pricerose 25.5 sen to 1,340.5 sen and latex-in-bulk increased 3 sen to 879 sen. - Bernama