Oil Reaches Record, Cotton Falls from Record, Sugar Advances

Crude oil reached the highest level in more than two years after a report showed that US inventories of crude declined more than expected. The inventories dropped 5.33 million barrels to 340.7 million last week, while a 3.4 million-barrel decline was predicted. February delivery for crude oil gained $0.66 (0.7 percent) to $90.48 per barrel on NYMEX, the highest level since October 3rd, 2008.

Sugar gained today on speculation that India may delay new exports. India’s government will review its export policy at the end of January. March delivery for raw sugar climbed $0.0011 (0.3 percent) to $0.3313 by 14:00 on ICE.

Cotton dropped by the exchange limit on ICE today on speculation that demand may wane after prices rallied to a record. March futures for cotton delivery slipped as much as $0.05 (3.1 percent) to $1.5412 per pound as of 14:36 in New York. The price reached a record of $1.5912 yesterday.

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