Oil hovers near 2-year high, eyes $91 on rising demand
SINGAPORE, Dec 23 (Reuters) - Oil prices climbed near a two-year high, boosted by an unexpected surge in global demand that has fueled the biggest drop in U.S. crude stockpiles in more than a decade.
"Oil has risen as... inventories have fallen more than expected due to the cold weather in the northern hemisphere," said Serene Lim, an oil analyst at ANZ, adding that prices would need to rise above $110 before impacting economic growth.
China commercial crude stocks fall for 3rd mth in Nov
BEIJING, Dec 23 (Reuters) - China's commercial crude oil inventories fell for a third consecutive month in November, as refiners tapped stockpiles to feed plants operating at capacity to fend off a domestic diesel shortage.
Data from a newsletter run by the official Xinhua News Agency showed that commercial crude stocks at the end of November fell 3.2 percent from a month earlier.
U.S. wheat at 4-1/2 month top, soy, corn firm
SINGAPORE, Dec 23 (Reuters) - U.S. wheat rose 0.4 percent to a 4-1/2 month high as fears of tight global supplies next year and talk of Russia's extension on grain exports underpinned the market.
"The grain markets are in follow-through price mode as Australia is still supportive for wheat, although the market has factored it in. And there are ongoing rumours that Russia may extend the export ban," said Ker Chung Yang, an analyst at Phillip Futures in Singapore.
Strike halts six Argentine soy-crushing plants
BUENOS AIRES, Dec 22 (Reuters) - A strike by soy-processing workers in Argentina's biggest grains port halted at least six plants on Wednesday, disrupting crushing in the world's No. 1 soyoil and meal exporter and helping lift U.S. soyoil futures.
Crushing plants in and around the city of Rosario account for about 80 percent of Argentine soybean oil and meal output and the one-day-old pay strike is hitting plants owned by major exporters such as Cargill, Louis Dreyfus and Bunge.
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