Crude oil, gold prices rise; Wheat futures slump

AP News
Posted: Dec 10, 2013 4:57 PM

Crude oil futures rose to a six-week high as traders expect that supplies fell in the U.S. for the second week in a row.

January oil rose $1.17 to $98.51 a barrel in New York.

Analysts expect that oil stockpiles fell 2.8 million barrels in the week ending Dec. 6, according to a survey by Platts.

February gold rose $26.90, or 2.2 percent, to $1,261.10 an ounce. Silver for March delivery rose 61.4 cents, or 3.1 percent, to $20.315 an ounce.

In agricultural futures, wheat for March delivery slumped 11.75 cents, or 1.8 percent, to $6.3875 a bushel.

January soybeans fell 5.5 cents, 0.4 percent, to $13.3825 a bushel and March corn lost two cents, or 0.5 percent, to $4.36 a bushel.