* Cyprus deal provides relief but eurozone worries follow
* US crude up 1 pct, most other markets little changed
* CRB index virtually unchanged
By Barani Krishnan
NEW YORK, March 25 Crude oil futures rose up to
1 percent on Monday after a bailout deal for Cyprus went through
smoothly, but many other commodities slipped or stayed flat as
lingering worries about the euro zone weakened the single
Jeroen Dijsselbloem, head of the Eurogroup for euro zone
finance ministers, said the Cyprus bailout represents a new
template for resolving regional banking problems and other
nations may have to restructure their banking sectors to
His remarks drove the dollar to a four-month high against
the euro, weakening demand for dollar-denominated
commodities from buyers holding the European currency.
Gold and copper fell . Raw sugar prices
slipped to a three-week low. Grains prices
also eased as crop and supply prospects improved.
The Thomson Reuters-Jefferies CRB index, a
bellwether for commodities, closed virtually unchanged at
294.7041 points from Friday's settlement of 294.6950.
The Cyprus bailout removed the immediate risk of financial
meltdown that could have ejected the Mediterranean island from
the euro zone, but investors worried about more potential
problems for the country and euro zone going ahead.
"The deal puts the fire out for now. The question is whether
it is sustainable," said Thorbjorn Bak Jensen, an analyst at AS
Global Risk Management in Copenhagen.
"The story is not finished yet; there will still need to be
more haircuts ... The positive is that something has been agreed
on, but there is still some time to go."
U.S. crude oil rose $1.10 to settle at $94.81 a
barrel, above the 50-day moving average at $94.38. It reached
$95.65 during the session.
London's benchmark Brent crude rose 51 cents to
settle at $108.17 a barrel, having traded from $106.80 to
The spot price of gold was down 0.2 percent at
$1,603.96 an ounce by 6:10 p.m. EDT (2216 GMT), having earlier
traded as low as $1,589.49, which marked a one-week low.
Three-month month copper on the London Metal
Exchange (LME) ended at $7,620 a tonne, down from Friday's close
Copper was also weighed down LME data showing stockpiles of
the metal in official warehouses rising 2,875 tonnes to a near
10-year high of 565,350 tonnes.
Prices at 6:14 p.m. EDT (2214 GMT)
LAST/ NET PCT YTD
CLOSE CHG CHG CHG
US crude 94.79 -0.02 0.0% 3.2%
Brent crude 108.18 0.52 0.5% -2.6%
Natural gas 3.865 0.000 0.0% 15.3%
US gold 1604.50 -1.60 -0.1% -4.3%
Gold 1604.04 -0.86 -0.1% -4.2%
US Copper 343.50 -1.90 -0.6% -6.0%
LME Copper 7620.00 -35.00 -0.5% -3.9%
Dollar 82.895 0.366 0.4% 8.0%
US corn 733.25 7.00 1.0% 5.0%
US soybeans 1437.25 -3.25 -0.2% 1.3%
US wheat 727.25 -2.50 -0.3% -6.5%
US Coffee 135.60 0.30 0.2% -5.7%
US Cocoa 2130.00 -29.00 -1.3% -4.7%
US Sugar 17.97 -0.23 -1.3% -7.9%
US silver 28.815 0.117 0.4% -4.7%
US platinum 1582.90 1.20 0.1% 2.9%
US palladium 757.35 -4.20 -0.6% 7.7%