GLOBAL MARKETS: Stocks fall, gold at record high on US debt crisis
SINGAPORE, July 25 (Reuters) - Stocks slipped while the Swiss franc rose and gold hit a record high on Monday as hopes for a political deal to avert a U.S. default began to fade, though investors were mostly seeking to protect their portfolios with no signs of panic selling.
"Despite the ever-frustrating horse-wrangling between the Democrats and Republicans, which could result in a downgrade of the U.S. government debt ranking, I still believe that some kind of temporary deal will be struck in the last minute," said Khiem Do, head of Asian Multi-Asset with Baring Asset Management in Hong Kong.
OIL: Crude falls after settling at 6-week high
TOKYO, July 25 (Reuters) - U.S. crude futures fell on Monday after settling at a six-week high on Friday, taking their cue from a decline in U.S. stock futures amid uncertainty over talks to avert an unprecedented U.S. default. NYMEX crude for September delivery was down 61 cents at $99.26 a barrel by 2300 GMT, after settling up 74 cents at a six-week high of $99.87 on Friday.
NATURAL GAS: Natural gas ends up slightly, heat lends support
NEW YORK, July 22 (Reuters) - Front-month U.S. natural gas futures trimmed early gains but ended slightly higher on Friday, backed by short-covering after three straight losing sessions and still-warm U.S. weather forecasts for next week.
"The forecast for next week still looks supportive, but it's not going to be as hot as this week. I think people were just squaring positions ahead of the weekend, waiting to get a better look at the weather on Monday," said Steve Mosley at SMC Advisory Services in Arkansas.
Gas jumps more than 8.5 cents per gallon in U.S.-survey
NEW YORK, July 24 (Reuters) - The average price for a gallon of gasoline in the United States rose for the first time since early May following an increase in the price of crude oil, according to the latest nationwide Lundberg survey released on Sunday.
The national average price for a gallon of regular gasoline was slightly more than $3.70 on July 22, an increase of 8.58 cents in the past two weeks, according to the survey of some 2,500 gas stations in the continental United States.
India to fill Iran supply gap with Saudi, Iraqi oil
NEW DELHI, July 22 (Reuters) - India's immediate strategy to deal with the loss of crude from Iran in August is to buy more from Saudi Arabia and Iraq, while inventories and plant maintenance give refiners breathing space as they seek to establish new supply lines.
Iran has cut supply as it tries to put pressure on Indian refiners to settle $5 billion in debt for oil supplied, and to find a way to pay for future shipments.
COMMODITIES: Oil, grains lead markets higher; cocoa slumps
NEW YORK, July 22 (Reuters) - Oil closed up on Friday after hitting a three week high on optimism that Europe was tackling its huge debt problem while agricultural markets rallied on worries about the impact of excessive summer heat on crops.
"There's much less cooperation amongst the U.S. legislators than there is amongst the Europeans. That kind of dichotomy could begin to hurt the dollar ..." said Boris Schlossberg, director of currency research at GFT in New York.
U.S. June oil demand up 1.9 pct from year earlier-API
WASHINGTON, July 22 (Reuters) - U.S. demand for crude oil and petroleum products rose 1.9 percent from a year earlier to an average 19.652 million barrels per day in June, the American Petroleum Institute said on Friday.
"The growth in overall demand is consistent with the nation's modest but steady economic expansion," API chief economist John Felmy said in a statement.
China, Iran eye barter plan to bypass US sanctions-FT
LONDON, July 24 (Reuters) - Iran and China are discussing using a barter system to exchange Iranian oil for Chinese goods and services, as U.S. sanctions have blocked China from paying at least $20 billion for oil, the Financial Times said.
The paper, citing people familiar with the problem, said U.S. financial sanctions against Iran, which make it hard to conduct dollar-denominated business, meant China might owe the oil-rich country as much as $30 billion.
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