FINANCIAL MARKETS : COMMODITIES : Late Buying Offsets Profit Taking in Oil
Petroleum futures ended mixed Tuesday as late buying offset a wave of profit taking.
On other commodity markets, sugar futures tumbled; coffee futures ended mixed on news about the International Coffee Organization; grain futures were mostly lower; and livestock and meat futures were mixed.
West Texas Intermediate crude oil settled 8 cents lower to 3 cents higher on the New York Mercantile Exchange, with the contract for delivery in August at $18.65 a barrel; heating oil was 1.12 cents lower to 0.37 cent higher, with August at 56.08 cents a gallon.
Crude prices have climbed about $2 a barrel in the past week amid indications that OPEC members are prepared to reduce their crude output to support prices. The cartel begins its mid-year meeting July 26.
