Commodities: Baker Hughes data weighs on WTI Rusal news lifts metals

Commodities were modestly lower on Monday, despite a dip in the US dollar index, following a bearish reading for a key survey on US energy exploration.

On Friday, Baker Hughes reported that the US oil rig count jumped by seven over the week ending on 14 September to reach 867, which helped to push West Texas Intermediate crude oil futures for October delivery down by 0.38% to $68.73 per barrel on NYMEX.

As of 2040 BST, the Bloomberg commodity index was slipping by 0.39% to 82.14, alongside a -0.46% drop in the US dollar spot index to 94.4920.

However, weakness in the Greenback and news that the US had softened some of the sanctions imposed on Russian aluminium-maker Rusal did provide a lift for gold and most base metals.

December gold on COMEX was ahead by 0.37% to $1,205.60/oz, while three-month LME copper finished at $5,945 per metric tonne after opening at $5,873 per tonne.

Aluminium futures on the LME were also higher, rising from $2,020 per metric tonne to $2,032 per tonne.

December corn on the CBoT meanwhile was down by 1.07% to $3.48 a bushel and similarly-dated wheat by 1.03% to $5.0625.