Crude Up on Syria as Asian Stocks, Silver Fall, Yen Rises

Crude oil climbed, while Asian stocks and most precious metals retreated, after U.S. Secretary of State John Kerry said Syria will be held accountable for using chemical weapons. The yen strengthened versus the dollar as currencies from Australia to South Korea weakened.

West Texas Intermediate crude rose for the third time in four days, adding 0.6 percent to $106.57 a barrel by 10:05 a.m. in Tokyo. Brent also gained. The MSCI Asia Pacific Index slipped 0.2 percent, snapping a two-day advance as shares from Japan to Australia fell. Standard & Poor’s 500 Index futures dropped 0.1 percent after the gauge slid 0.4 percent in New York. Silver sank 1 percent. The yen gained 0.3 percent, while Australia’s dollar lost 0.5 percent. The Korean, Malaysian and Thai currencies sank at least 0.2 percent.

The S&P 500 reversed gains of as much as 0.4 percent as Kerry said President Barack Obama will hold Syria accountable for the “moral obscenity” of using chemical weapons against its people. China issues July industrial profits data today, while in the U.S., where a report yesterday showed durable goods orders fell in July for the first time since March, investors await housing, consumer confidence and manufacturing reports. Billabong International Ltd. (BBG) plunged in Sydney after posting a worse-than-expected loss and saying its brand is worthless.

(Source: Bloomberg)