YAHOO[BRIEFING.COM]: After
spending most of the session trading lower, crude oil futures rallied in
afternoon trading to close roughly 14% higher at around $44.60 per
barrel. Crude traded with a gain of as much as 16.7% at its session high,
but down 5.4% at its session low.
Crude's advance came in the
face of a bearish weekly inventory number this morning. Inventory
data indicated a build of 549,000 barrels, while a draw of 1.45 million barrels
was expected.
Natural gas was unable to
shake its weakness, however. Natural gas closed roughly 4.4% lower at
$5.60 per contract.
Despite the mixed showing
between crude and natural gas, the energy sector has shed early losses to trade
markedly higher. At its session low, energy was down 0.6%. The
sector is now up 1.9%.
Gold broke free from early
weakness to close roughly 1.6% higher at $884.30 per ounce. Gold was down
as much as 1.5% at its session low.
Silver also closed with a
gain. It finished the session at approximately $11.30 per ounce,
reflecting an advance of almost 3%.
Investors' interest in
commodities has buoyed the CRB Commodity Index sharply higher this
session. The CRB Index was recently up 5.7%, which is its largest advance
in about two months.
The gains in commodities are
helping drive the materials sector higher. Materials are up 1.9%
currently.
End of Quarter Update: The materials sector has dropped
31% this quarter. Only financials (-37.8% quarter-to-date) have fared
worse this quarter