NEW YORK – Oil traded near its highest in three months in New York as risks to global supplies countered concern that an economic slowdown will curtail fuel consumption. Crude for October delivery was at $96.90 a barrel in electronic trading on the New York Mercantile Exchange, down 6 cents at 9:11 a.m. London time. The September contract, which expired yesterday, rose 71 cents to $96.68, the highest close since May 10. Front-month prices are 2.3 percent lower this year. The premium of gasoil, or diesel, to Asian marker Dubai crude fell 33 cents, or 1.7 percent, to $18.97 a barrel at 10:11 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. Gasoil swaps for September rose 5 cents to $130.45 a barrel, PVM data showed. Jet fuel's premium to gasoil declined 5 cents to 60 cents a barrel. High-sulfur fuel oil's discount to Dubai crude widened 97 cents to $4.83 a barrel, the biggest gap since May 11, according to PVM. Fuel-oil swaps for September fell $3.75, or 0.6 percent, to $677.25 a metric ton, PVM data showed. Separately, according to a Platts analysis of recent Chinese government data released Wednesday, China's apparent oil demand climbed 2.4 percent in July compared with a year ago, marking a rebound from June which showed the first year-on-year monthly contraction in more than three years. Demand rose year on year to 38.92 million metric tons last month, Platts said. Apparent demand in July for gasoil, which is the biggest component of China's oil product mix, fell 1.3 percent from a year ago, fueling a decline in July's daily import average to the lowest since October 2011, said Platts, citing the customs data. “Gasoil has been the laggard so far, with apparent demand contracting two months in a row due to the slowdown in industrial activity,” said Song Yen Ling, Platts senior writer for China. Base metals Copper declined after touching a one-month high yesterday as some investors were concerned about demand ahead of the meetings between euro-area leaders. Platinum for immediate delivery climbed as much as 0.5 percent to $1,515.12 an ounce, the highest since May 8, and was last at $1,514.63. Police shot dead 34 people near Lonmin Plc (LMI)'s Marikana site on Aug. 16 after striking workers refused to disperse. Grains Soybeans for November delivery were little changed at $17.3175 a bushel. Corn for December-delivery was little changed at $8.3775 a bushel in Chicago. Wheat for same month fell 0.4 percent to $9.1825 a bushel, the first drop since Aug. 14. – Agencies
