SHANGHAI, May 24 (SMM) - Crude oil: Near noon, crude oil futures rose. As of CST 11:34, WTI oil rose 1.11%, and Brent oil rose 0.96%. Supplies in the gasoline market are expected to tighten and Saudi Arabia energy minister warned speculators, which triggered expectations for further cuts by OPEC+. Oil prices were also boosted by API data showing a sharp drop in inventories.
Data from the American Petroleum Institute (API) showed U.S. crude and gasoline inventories both fell last week. In the week ended May 19, crude oil inventories fell by about 6.8 million barrels and gasoline inventories fell by about 6.4 million barrels. Production cuts by some OPEC+ members took effect this month. Concerns over tightening supplies intensified after the Saudi energy minister said he would make short sellers, those who bet on falling prices, suffer, and told them to "be careful". OANDA analyst Craig Erlam said the comments could mean that OPEC+ will consider further production cuts at its June 4 meeting.
US dollar: As of CST11:34, the U.S. dollar index was at 103.46, down 0.05%. Markets are jittered over the lack of progress in the US debt ceiling talks.
As of the midday close, base metals on the SHFE fell across the board: zinc fell 3.21%; aluminum fell 2.39%; copper fell 1.38%; lead fell 0.1%; tin fell 0.25%, nickel fell 1.62%.
Ferrous metals also fell across the board, with iron ore leading the decline with a 2.94% drop. Rebar prices lost 2.23%; HRC was down 2.24%, and stainless steel was down 0.99%; coking coal fell 1.39%; coke fell 2.27%.
As of CST 11:34, LME base metals fell generally, with zinc falling 1.6% and copper falling 1.06%. Nickel fell 0.41%, aluminum fell 0.79%, and tin fell 0.08%. Only LME lead edged up 0.02%.
In terms of precious metals, as of CST 11:34, COMEX gold rose 0.1%, while COMEX silver fell 0.36%.