Crude oil markets got a pop as they tried to look beyond this Greek debt debacle to the expectations that U.S. oil output will continue to fall and tropical Storm Bill in the Yucatan Peninsula may slow operations in refineries and oil platforms in the Gulf of Mexico.
Gold advanced the most in more than two weeks amid speculation that China, the world’s biggest consumer, will take more measures to bolster the economy, boosting demand for the precious metal as a store of value.
China will soon be importing crude to fill the country's first national strategic oil reserve base in Zhenhai - the first of four now in construction. What effect will this have on global crude prices?
The Chinese government has decided that the second phase of the national strategic oil reserve will begin at Caofeidian in Hebei Province - but it will be some time before Caofeidian goes into full operation.