Oil Report

Tokyo rubber inches up to hover around 300 yen

TOKYO, Aug 21 (Reuters) - The key Tokyo rubber futures contract rose on Thursday to touch the key 300 yen level, lifted by firmer crude oil prices, although trade was cautious ahead of next week’s expiry of the prompt month.

* The key Tokyo Commodity Exchange rubber contract for January delivery <0#JRU:> rose as high as 300.2 yen per kg as of 0045 GMT, up 2.2 yen or 0.7 percent.

* The prompt August contract will expire on Monday.

* New front-month U.S. crude for October delivery CLc1 extended gains to rise to around $116 per barrel on the Globex electronic trading platform, on geopolitical tension and a big drawdown in U.S. gasoline stocks. [ID:nT315716]

* The dollar was at around 109.65 yen JPY= compared to 109.80/84 yen in late U.S. trade. FXNEWS

* Physical prices are likely to draw some support from steady buying interest, traders say. (Reporting by Miho Yoshikawa; Editing by Edwina Gibbs)