Commodity prices mostly fall as China data weighs

Commodity markets mainly fell this week as traders weighed poorly-received Chinese and US economic data against the crisis in Ukraine and unrest in oil-producing Libya. The US Commerce Department on Friday reported that consumer spending, the largest driver of the world’s biggest economy, fell by $ 9.1 billion last month, or 0.1 per cent, following the $ 120.2 billion rise the previous month. OIL: Crude futures dropped after recent gains, but signs of stronger US gasoline demand and escalating tensions in Ukraine and Libya provided support, according to analysts. Crude futures had jumped to multi-month peaks the previous week as traders reacted to tumbling crude reserves in the United States. The US Department of Energy’s weekly oil report on Thursday showed overall US inventories rising, but gasoline, or petrol, supplies falling in the week ended May 23. Robert Yawger of Mizuho Securities USA said it appeared that the market got ‘a little bit’ ahead of itself in aggressive buying last week after a bullish Department of Energy number on US crude inventories, according to AFP.