Crude continues fall on Nymex
Crude oil prices fell further on Thursday after gaining early in the day on word from OPEC that it might slow down production if US inventories continue to climb.
The 10 OPEC nations that operate under quotas are currently pumping around 1 million barrels per day above the official limit of 27.5 million barrels per day.
When production from Iraq, which currently does not operate under a quota, is factored in, OPEC is pumping nearly 30.3 million barrels of oil per day.
West Texas Intermediate prices on June contracts fell 20 cents to $47.05 per barrel at early afternoon on the New York Mercantile Exchange, while July contracts were down 23 cents to $48.90 per barrel.
Meanwhile, in late afternoon London trading IPE Brent June contracts fell 15 cents to $48.02 per barrel.
In other commodities, gold fell to $420.00/$420.70 per troy ounce late in the day in London. That was down from Wednesday’s $421.30/$422.00 in New York.
Refined sugar futures rose in London after news of a revised EU plan to cut prices supports. August white sugar futures were up $3 to $245.5 per tonne.