Oil Extends Drop After Jump in Inventories: Commodities at Close

06/01/2012 22:20 AST

The Standard & Poor's GSCI gauge (SPGSCI) of 24 commodities fell 0.6 percent to 666.29 as of 5:01 p.m. in London. The UBS Bloomberg CMCI index (CMCIPI) of 26 raw materials was down 1.1 percent at 1,542.975.

CRUDE OIL

Oil extended declines after a U.S. government report showed an unexpected increase in inventories.

Crude oil for February delivery fell $1.19, or 1.2 percent, to $102.03 a barrel on the New York Mercantile Exchange. Oil traded at $102.69 before the release of the report at 11 a.m. in Washington, a day later than usual because of the New Year's Day holiday. It reached an intraday low of $101.95 after the report was released.

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