OIL: Oil jumps to fresh 6-mth high; U.S. inventories tumble
SINGAPORE, Nov 3 (Reuters) - Oil rose to a six-month high above $84 for a second straight session after an industry report showed declines in U.S. inventories across fuel categories, a sign chronic oversupply is subsiding at the world's top user.
U.S. crude inventories fell by 4.1 million barrels in the week to Oct. 29, the American Petroleum Institute (API) reported on Tuesday. That compared with expectations for a 1.2 million barrel increase.
COMMODITY MARKETS: Dollar slide sparks rally as Fed outcome nears
NEW YORK, Nov 2 (Reuters) - Commodities rose on Tuesday, extending this week's runup with oil, copper and sugar rallying sharply and cotton hitting record peaks as the dollar fell on the eve of a Federal Reserve decision on U.S. monetary easing.
Crude oil rose to six-month highs, copper neared a two-year peak and sugar raced toward 30-year highs, sending the 19-commodity Reuters-Jefferies CRB index up more than 1 percent to levels not seen since October 2008.
GLOBAL MARKETS: Stocks and oil rally; dollar falls as Fed meets
NEW YORK, Nov 2 (Reuters) - World stocks neared a two-year high on Tuesday on stronger-than-expected economic data while the dollar fell as investors anticipated the U.S. central bank will open the money spigot to spur the flagging U.S. economy.
"I think it is people trying to get in front of what they think will be the election results," said Rick Meckler, president of investment firm LibertyView Capital Management in New York, in reference to expectations of Republicans' gains.
U.S. corn, wheat rise on dollar, crop concerns
SINGAPORE, Nov 2 (Reuters) - U.S. corn futures rose half a percent on Tuesday to trade near 26-month highs, while wheat ticked higher as a weaker dollar supported commodities but investors were cautious ahead of a Federal Reserve meeting and U.S. elections.
"The key drivers will be developments out of the United States which will be critical for setting direction for agriculture and risk assets more broadly," said Luke Mathews, commodity strategist at Commonwealth Bank of Australia.
Asian shares edge up, dlr steady before Fed
SINGAPORE, Nov 2 (Reuters) - Asian stocks edged up after an early fall while the dollar kept a tenuous grip on overnight gains in Asia on Tuesday ahead of U.S. elections and a Federal Reserve meeting that is expected to ease monetary policy.
"The market is of course cautious until it sees the outcome of the Fed meeting and the U.S. election, but Japanese stocks are being pressured more by selling from real money investors," said Hiroaki Kuramochi, chief equity marketing officer at Tokai Tokyo Securities.
PRECIOUS-Gold rises towards $1,360/oz ahead of Fed
LONDON, Nov 2 (Reuters) - Gold firmed in Europe on Tuesday, climbing back towards the previous session's near two-week high, as the dollar retreated ahead of a hotly anticipated policy meeting of the U.S. Federal Reserve starting later in the day.
At the two-day meet in Washington, the Fed will consider the prospect of further quantitative easing. Markets are pricing in a commitment to buy at least $500 billion in Treasury debt over the coming months to spur a flagging economy.
FOREX-Aussie hits highest since 1983 vs dollar post-RBA
LONDON, Nov 2 (Reuters) - The Australian dollar hit its highest against the dollar since 1983 on Tuesday after a surprise Australian interest rate hike, while the U.S. currency stayed weak on expectations of fresh monetary easing.
The Reserve Bank of Australia raised its cash rate by 25 basis points to 4.75 percent as a pre-emptive strike against inflation, sending the Aussie above parity to $1.0013, its highest since the currency was floated in 1983.
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