Oil, energy prices jump on Asian economic reports

AP News
Posted: Jun 09, 2014 5:20 PM

NEW YORK (AP) — 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 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.