NEW YORK: Brent crude oil jumped on Wednesday, hitting six-month highs on speculative buying despite weaker US energy demand data, while copper also rose on China's support for its property market, which helps drive demand for the metal.
Gold prices fell 1 percent on fresh worries about Europe's economy, and after technical resistance prompted investors to take profits on Tuesday's rally.
The 19-commodity Thomson-Reuters Jefferies CRB index settled virtually flat after the weaker close in gold, coffee, cocoa and natural gas offset gains from crude oil and copper.
London-traded Brent settled at $117.20 a barrel, rising 97 cents. It was the highest close since July 28, when the market closed at $117.36.
Brent prices have not fallen since the start of February, rising for seven straight sessions on speculation that energy markets were in for a near-term rally on mounting animosity between Iran and the West, along with other supply-related tensions.
US crude oil futures in New York closed at $98.71, edging up 30 cents.
The run-up in oil came even as US gasoline stockpiles rose more than forecast last week, climbing with heating oil and diesel fuel inventories which were expected to fall, data from the government's Energy Information Administration showed.
"The demand numbers for distillates and gasoline continue to be poor, and the rise in inventories in those categories fosters a bearish outlook," said John Kilduff, partner at Again Capital, an energy fund in New York.
Copper jumped more than 1 percent to its highest level in more than a week after China's central bank pledged support for the country's property market.
The People's Bank of China ordered banks to provide loans to first-home buyers, the first clear call from Beijing to support mortgage lending since starting a policy tightening cycle to calm that market two years ago.
The London Metal Exchange's benchmark three-month copper firmed $99, or about 1.2 percent, to close at $8,640 a tonne.
Gold prices weakened after news that Italy's economy probably contracted in the fourth quarter and on discouraging reports from Germany and France, along with lingering doubt about a rescue package for Greece.
Spot gold, which tracks trades in bullion, was down 0.7 percent at $1,732.49 an ounce late Wednesday afternoon in New York (1944 GMT).
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