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Wheat futures drop 2.4 percent, extending declines

Published on NewsOK Modified: December 26, 2012 at 3:37 pm •  Published: December 26, 2012

Gold for February delivery rose $1.20 to $1,660.70 an ounce. Silver for March delivery gained 13.8 cents to $30.035 an ounce and March palladium rose $7.85 to $692.40.

Copper for March delivery advanced 5.15 cents to $3.5975 a pound and platinum was unchanged at $1,534.90 an ounce.

The price of oil rose sharply after a report showed that the U.S. housing market is sustaining its recovery, boosting the outlook for economic growth, which generally boosts energy consumption and lifts prices.

U.S. benchmark crude jumped $2.37, or 2.7 percent, to $90.98 per barrel in thin post-Christmas trading in New York.

Natural gas gained 4.6 cents, or 1.4 percent, to close at $3.3920. Heating oil rose 4.91 cents, or 1.6 percent, to finish at $3.0513 a gallon. Wholesale gasoline rose 6.52 cents, or 2.4 percent, to $2.8158 a gallon.