Crude oil prices rose on Friday after the Organization of Petroleum Exporting Countries decided to cut oil production by another 500,000 barrels per day. The cuts will not take effect until February 1. Some analysts saw the cut as overdone, with Barclays Capital saying that the new cut holds the risk of tightening the market too much.

Brent crude February contracts added 27 cents by late afternoon in London, to $63.16 per barrel. The increase took Brent’s gains to 1.5 percent on the week. January delivery West Texas Intermediate crude was 30 cents higher to $62.81 per barrel in late morning trade on the New York Mercantile Exchange, a gain of over 1 percent for the week.

In the metals markets, gold dropped $2 on Friday but ended the week just $1 lower as it traded at $623.20/$624.70 per troy ounce.

Most base metals saw declines on the day, while tin was steady at $11,050 per tonne after having hit a 20-year high on Tuesday at $11,275 per tonne. Copper dropped to $6,620 per tonne as London Metal Exchange inventories rose. After gains earlier in the week, aluminium fell $62 on Friday to $2,802 per tonne. Lead dropped $5 on Friday and was more than 7 percent lower than a record reached on Tuesday as it traded at $1,660 per tonne on Friday, but lead prices remained up approximately 70 percent since the beginning of the year. Nickel dropped $400 on Friday but remains 150 percent higher than at the beginning of the year and hit a record $35,000 per tonne before dropping to $34,350 per tonne late in the trading day.

After a decline early in the day on reports that OPEC will not implement further cuts in oil production as they had been expected to do, crude oil prices were up on Wednesday on lower US inventory levels. Brent crude January deliveries were 14 cents higher to $61.66 per barrel late in the afternoon in London, while West Texas Intermediate crude contracts for January added 74 cents to $61.76 per barrel in late morning trade on the New York Mercantile Exchange.

The Energy Information Department said that crude oil stockpiles in the US were down by 4.3 million barrels to 335.4 million barrels in the week ending December 8. That was much more of a decline than the 600,000 barrels that had been expected. The huge decline was seen as an indication that the production cuts OPEC made in November were doing what was intended, that is to tighten supplies. The International Energy Agency had earlier said that its recommendation was that OPEC not cut production any more than it already had.

In the metals markets on Wednesday, gold was 70 cents lower in slow trade to $628.70/$6.29.35 per troy ounce. Most base metals were lower as well, the one notable exception being nickel, which was $425 higher to $33,225 per tonne. Aluminium dropped $7 to $2,800 per tonne, while zinc fell $90 to $4,290 per tonne and copper was $150 lower to $6,700 per tonne. Lead dropped over 4.5 percent to $1,650 per tonne on another increase in London Metal Exchange inventories.

Speculation that OPEC could decide to implement further production cuts during its meeting in Nigeria sent crude oil prices higher on Tuesday. Some cartel officials were quoted as saying that the cut is expected to add 500,000 barrels per day to the 1.2 million barrel per day cut introduced in November. Meanwhile, the US Energy Department is standing by its November prediction that global oil demand will go up by 1.5 million barrels per day next year. It also said that consumption of oil products in the US will be 300,000 barrels per day higher in 2007. Demand growth is also expected to be strong in China and in the Middle East.

January contracts for Brent crude added 51 cents in London in afternoon trade, to $62.35 per barrel, while West Texas Intermediate crude for January delivery was 66 cents higher to $61.88 per barrel on the New York Mercantile Exchange.

In the metals markets on Tuesday gold declined $1.90 to $628.30/$629.05 per troy ounce late in the day in London as buyers waited to see what the US Federal Reserve would do about interest rates. Lead dropped $35 by late in the day to $1,730 per tonne late in the day after reaching a new record of $1,790 per tonne in earlier trade. The decline came after the London Metal Exchange released figures showing that lead inventories had risen.

Three-month nickel dropped $1,200 to $32,800 per tonne, while tin fell $225 to $10,825 per tonne even though stockpiles were down. Copper dropped $90 to $6,842 per tonne. Aluminium was the only gainer on the day, adding $8 to $2,008 per tonne.

Crude oil prices were mixed on Monday ahead of a meeting later in the week of the Organization of Petroleum Exporting Countries. OPEC is scheduled to talk about cutting oil production by 500,000 more barrels per day at the meeting, but reports are now mixed on whether the cartel is likely to make the cut or to leave quotas at their present levels.

Brent crude for January delivery was 30 cents higher by late afternoon in London, trading at $62.60 per barrel. On the other hand, January contracts for West Texas Intermediate crude were down 13 cents to $61.90 per barrel in early afternoon trade on the New York Mercantile Exchange.

Base metals prices hit record prices Monday, but not all of them maintained the gains by the end of the session. Lead added $35 dollars to trade at $1,765 per tonne by the end of the session after reaching a record high of $1,772.5 per tonne earlier in the day. Lead prices are up 61 percent so far this year as London Metal Exchange inventories have dropped by around 10 percent to their present level of 43,600 tonnes. Demand for the metal is mostly due to its use in lead-acid batteries for cars.

Tin hit a high of $11,325 per tonne before dropping back to $11,100 per tonne late in the session. Prices are up 70 percent this year while stockpiles have gone down by 18 percent. Meanwhile, copper added $50 to $6,930 per tonne, while aluminium dropped $30 to trade at $2,795 per tonne.

In precious metals, gold added $5 to trade at $629.00/$629.55 per troy ounce, while silver was up around 11 cents to trade in the $13.67/$13.74 range.

Crude oil prices rose on Friday but was still down over the week after Nigerian militants threatened more attacks on oil facilities there and on comments from the president of the Organization of Petroleum Exporting Countries that he supports further production cuts by the group in order to moderate supply further. OPEC meets next Thursday to consider such a move.

Brent crude for January delivery added $1.09 to $63.66 per barrel in London, while January contracts for West Texas Intermediate crude gained 86 cents to $63.35 per barrel. Brent prices dropped 1.4 percent during the week, however, while WTI lost 0.2 percent this week.

Natural gas prices were down 8.3 percent over the week to $7.725 per million British thermal units as inventories remained at record levels and US weather forecasters continued to predict that the winter will be a milder than average one.

In the metals markets this week, gold dropped 2.4 percent to $630.1 per troy ounce as the US dollar strengthened. In base metals, nickel ended the week at $34,200 per tonne as London Metal Exchange stockpiles stood at a mere 4,320 tonnes. Aluminium was 0.4 percent higher on the week to $2,828 per tonne. Tin prices were higher as well, gaining 2.8 percent to $11,100 per tonne, on supply uncertainties. The price of zinc dropped 1.2 percent to $4,345 per tonne even though less than three days worth of global consumption remain in LME warehouses. Copper, meanwhile, fell 1.9 percent to $6,865 per tonne despite the possibility of a strike at an Xstrata smelter in Chile.

Crude oil prices were mixed on Thursday after Nigerian militants attacked another oil facility in the Niger Delta and kidnapped several Italian oil workers. Reports were that the shipping terminal’s operations were unaffected by the attack. In addition, analysts remain convinced that OPEC will call for more production cuts when the cartel meets later in the month. According to at least one analyst, the new cuts will come if for no other reason than to allow for cheating on the lower quotas, introduced in November, by some OPEC members. It has been questioned whether the OPEC countries already having trouble making their quotas would be willing to make the November cuts.

Brent crude January contracts were 43 cents lower to $62.64 per barrel in London, while January deliveries of West Texas Intermediate crude added 9 cents to $62.28 per barrel. Nymex Henry Hub natural gas for January delivery dropped nearly 13 cents to $7.600 per million British thermal units after US stockpiles fell by only 11 billion cubic feet last week, rather than by the predicted 15 billion cubic feet. Last week’s drop in inventories left a record 3,406 billion cubic feet of natural gas in storage.

Prices on precious metals dropped Thursday. Platinum was 0.4 percent lower to $1,116 per troy ounce, while gold fell 0.9 percent to $628.70 per troy ounce. Base metals prices also dropped ahead of Friday’s latest US employment data. Tin fell 0.5 percent to $10,700 per tonne on uncertainties relating to supplies. Copper dropped 1 percent to $6,920 per tonne, while nickel was 1.6 percent lower to $33,700 per tonne and zinc fell 3.5 percent to $4,275 per tonne.

Crude oil prices rose slightly on Wednesday after the weekly US inventories report from the Energy Information Administration showed that crude oil, gasoline, and distillates stockpiles were all lower last week. Crude oil inventories were down by 1.1 million barrels, much more than the 0.2 million barrel decline that had been projected. Gasoline stockpiles were also 1.1 million barrels lower on an expected drop of only 0.3 million barrels, while distillate inventories were down 0.4 million barrels, slightly less than the 0.5 million barrel decline that had been predicted.

Brent crude January deliveries were up 17 cents to $63.40 per barrel in London, while January contracts for West Texas Intermediate crude added just 2 cents to $62.45 per barrel on the New York Mercantile Exchange. Nymex January unleaded gasoline held steady at $1.6360 per gallon, while January heating oil dropped a quarter of a cent to $1.7980 pr gallon. With natural gas inventories at record highs, Nymex January Henry Hub was unmoved at $7.695 per million British thermal units.

In the metals markets on Wednesday, gold dropped 1.1 percent to $635.90. Base metals were also lower, as nickel dropped 0.2 percent to $34,225 per tonne, lead fell 0.4 percent to $1,725 per tonne, and zinc was down 1.6 percent to $4,430 per tonne. Three-month aluminium was 2.2 percent lower to $2,776 per tonne and copper fell 2.8 percent to $6,975 per tonne.

Crude oil prices were a bit lower again on Tuesday, still reacting to predictions of warmer than normal weather over most of the United States for the next couple of weeks. Brent crude January contracts were 7 cents lower to $63.38 per barrel. Meanwhile, January delivery West Texas Intermediate crude on the New York Mercantile Exchange dropped 10 cents to $62.34 per barrel.

The Energy Information Administration published new long-term forecasts for average oil prices and supply and demand. The EIA now says that the average price for a barrel of oil will be $57.47 per barrel in 2010, 21.5 percent higher than the $47.29 per barrel it predicted last year. The increase was based on delays it sees in new supplies being put on the market in Africa and Latin America.

The EIA says that it believes that global oil demand will rise by 1.3 percent per year until it reaches 91.05 million barrels per day in 2030. Supply from OPEC is expected to go up 1.2 percent per year to 44.95 million barrels per day in 2030, while non-OPEC supply will go up by 1.8 percent per year until it reaches 43.32 million barrels per day in 2030. Demand for ethanol will double in the US by 2012, according to the EIA, to 11.2 billion gallons per year.

In the metals markets on Tuesday, lead dropped 0.2 percent to $1,735 per tonne, but not before hitting a new record high price of $1,744 per tonne when London Metal Exchange inventories dropped to 41,075 tonnes, its lowest level of the year. Other base metals prices were higher on the session. Zinc rose only slightly, to $4,500 per tonne, while aluminium added 0.9 percent to $2,837.5 per tonne ahead of the expiration of December contracts at the end the day’s session. Nickel was 1.6 percent higher to $4,250 per tonne. Copper was up 2 percent to $7,140 per tonne when LME stockpiles dropped by 325 tonnes.

Gold was 0.3 percent lower to $643.50 per troy ounce.

Proving, perhaps, that the weather has more to do with oil prices than Organization of Petroleum Exporting Countries does, crude oil prices dropped on Monday after the National Weather Service in the United States said that temperatures in most parts of the US will likely be above normal for the next two weeks. The prices were down even though both Saudi Arabia’s oil minister and the president of OPEC made comments implying that the organization thinks the market is still oversupplied and that it will cut production again later this month.

Brent crude for January deliver was down 95 cents to $63.67 per barrel. Meanwhile, January contracts for West Texas Intermediate crude was 97 cents lower to $62.46 per barrel after dropping as far as $61.90 per barrel earlier in the session.

In the metals markets, gold dropped 0.2 percent to $644.30 per troy ounce as demand for bullion as an investment has gone up even as jewelry demand has dropped as prices have risen.

Among base metals, three-month aluminium was up to $2,832.5 per tonne at one point during the session and dealers expected that it could go as high as $3,000 per tonne before December options expire on Wednesday. By the end of the session, however, aluminium ended up 0.3 percent lower to $2,809.5 per tonne. Nickel dropped 1 percent to $22,550 per tonne, while copper was steady at $7,000 per tonne despite an increase of 4,500 tonnes in London Metal Exchange inventories.

Base metals prices were mixed, however, as zinc was 1.4 percent higher to $4,460 per tonne and lead gained 2.6 percent to $1,739 per tonne as LME stockpiles fell by 1,325 tonnes.

Oil prices dropped a bit on Friday but West Texas Intermediate crude was up more than 5 percent over the week. Despite the recent price increases, there are indications that OPEC will cut production further when it meets later this month in Nigeria. Brent crude January contracts were 27 cents lower by late afternoon in London to $63.62 per barrel, while WTI was down 45 cents to $62.68 in early afternoon trade on the New York Mercantile Exchange.

Gold hit its highest price in three months on Friday as the US dollar continued to weaken when it rose to $648.60 per troy ounce during the day, but by late afternoon in London it was $1 lower than Thursday’s close as it traded around the $646/$647 per troy ounce level. That left gold still 1.2 percent higher for the week. Also late in the day in London, silver was trading at around $13.94/$14.01 per troy ounce and had added 4 percent during the week.

Base metals were mostly lower over the week. Copper dropped $90 on Friday and was 2.5 percent lower for the week to $6,990 per tonne on the London Metal Exchange. Zinc was also lower, falling $70 this week to trade at $4,400 per tonne. Nickel bucked the trend by reaching another record high price on Friday when it traded at $34,400 per tonne. Nickel has added 150 percent since the beginning of the year as stockpiles continue to decline and the development of new sources of the metal run into delays and higher than expected costs.

Crude oil prices were higher again on Thursday, with demand higher as cold winter weather set in over parts of the country. Brent crude for January delivery added 93 cents to trade at $64 per barrel, while January contracts for West Texas Intermediate crude were 49 cents higher to $62.96 per barrel. Analysts said that oil prices could conceivably return to the vicinity of $70 per barrel.

Metals prices were higher on Thursday. In precious metals, the price of gold advanced due to weakness in the dollar, while other precious metals followed gold’s lead. Gold added 1.7 percent to $646.90 per troy ounce, while platinum was up 1.8 percent to $1,170 per troy ounce and silver gained $13.93 per troy ounce.

Among base metals, zinc added 0.8 percent to $4,375 per tonne when London Metal Exchange stockpiles fell to their lowest levels since 1991. Copper was 1 percent higher to $7,080 per tonne on lower inventories and the possibility of a strike in Chile. Aluminium and lead each gained 1.4 percent, to $2,738 per tonne and $1,663 per tonne respectively. Lead inventories were down by 1,700 tonnes. Nickel prices were up by 3.8 percent to $33,950 after LME stockpiles dropped to only 4,782 tonnes, just a day and a half of global consumption.

On the news that stockpiles of crude oil and oil products were lower last week, oil prices were up significantly on Wednesday. West Texas Intermediate crude for January delivery gained 88 cents to $61.87 per barrel on the New York Mercantile Exchange. Meanwhile, in London, January contracts for Brent crude were $1.17 higher to $62.38 per barrel. Nymex December unleaded gasoline added 2.4 cents to $1.6506 per gallon, while December heating oil was up 4.2 cents to $1.7703 per gallon.

The Energy Information Administration reported that crude oil inventories in the US dropped by 300,000 barrels in the week ending November 24. Crude stockpiles had been expected to drop, but only by 100,000 barrels during the week. Gasoline inventories were also down, by 600,000 barrels, when they had been expected to rise by 500,000 barrels. Heating oil stockpiles were down by 1 million barrels against an expected rise of 400,000 barrels in storage. Demand for distillates was up by 7.1 percent over last year at the same time, to 4.35 million barrels per day in the past four weeks. Refinery utilization was up by 1 percent last week, to 88.1 percent.

A report from the PIRA Energy Group indicated that OPEC has indeed lived up to its promise to cut production by 1.2 million barrels per day as exports for the four weeks ending November 19 were down by 1.28 million barrels per day.

Colder weather said to be on the way sent crude oil prices up on Tuesday. Heating oil prices were also sent higher as forecasters predicted cold weather for the east coast of the United States. Prices were also sent higher as it seemed as if China is planning on bringing its strategic reserves higher while costs remain relatively low.

Brent crude January contracts were 69 cents higher to $61.11 per barrel, while January deliveries of West Texas Intermediate crude added 56 cents to $60.88 per barrel on the New York Mercantile Exchange.

Precious metals prices were mixed on Tuesday as investors waited for US Federal Reserve chairman Ben Bernanke to make comments later in the day. Gold dropped 0.3 percent to $638.70 per troy ounce, while silver added 0.3 percent to $13.50 per troy ounce and platinum was 1.3 percent higher to $1,150 per troy ounce.

Base metals were also mixed. Aluminium was a bit higher to $2,704 per tonne as London Metal Exchange inventories dropped by 1,225 tonnes and Alcoa said that China’s consumption of the metal would likely rise by 14 percent over the next two years. Lead was also slightly higher, to $1,584 per tonne, on expectations that output from China to go up 16 percent to 2.7 million tonnes this year. Tin added 1 percent to $10,250 per tonne as PT Timah said its output will likely drop by 8.1 percent this year.

Zinc was 2.2 percent lower to $4,380 even though LME stockpiles were down by 1,025 tonnes, as China’s output is expected to go up by 12 percent this year. Copper dropped 2.5 percent to $6,975 per tonne, again even though LME inventories were down, due to an expected increase in output from China.

Crude oil prices were up during the day on Monday but not as much as might be expected after Saudi Arabia’s oil minister said over the weekend that OPEC will cut production again in December. He discounted the importance of price in the decision and emphasized the principle of balancing supply with demand.

January contracts for Brent crude were 16 cents higher to $60.19 per barrel. Meanwhile, West Texas Intermediate crude for January delivery gained 63 cents to $59.89 per barrel.

Metals prices were mixed on Monday. Among precious metals, gold added 0.2 percent to $639.10 per troy ounce after going as high as $641.75 per troy ounce earlier in the day, while silver gained 0.4 percent to $13.41 per troy ounce. Platinum, however, dropped 3.8 percent to $1,140 per troy ounce on profit taking after gains last week.

Base metals prices were also mixed, as nickel ended the session higher but copper and zinc prices both dropped. Zinc dropped 0.6 percent to $4,485 per tonne. Meanwhile, the price of copper went as high as $7,240 per tonne on decline in inventories in London Metal Exchange warehouses and on the news Friday that Hindalco of India suspended operations at one smelter because of a shortage of copper concentrate feed. Despite the news, copper ended the session 0.8 percent lower, to $7,095 per tonne. Nickel added 0.3 percent to $33,550 per tonne after the price went as high as $34,150 per tonne earlier.

Crude oil prices were significantly lower on Wednesday after the release of new US inventory figures by the Energy Information Administration. Crude oil stockpiles were up by 5.1 million barrels in the week ending November 17. Inventories were expected to increase, but only by around 0.6 million barrels. The large increase was due to greater imports and declining refinery utilization. Imports were up to 10.49 million barrels per day, an increase of 1.04 million barrels per day over the past month, while refinery utilization was down by 0.2 percent to 87.1 percent. Meanwhile, demand for oil products was up 2.9 percent over last year at the same time to 21.05 million barrels per day over the past four weeks.

Gasoline inventories were up as well, adding 1.4 million barrels when a decline of 0.9 million barrels had been expected. Distillate stockpiles were down by 1.2 million barrels during the week, very close to expected declines.

Brent crude January contracts were $1.50 lower to $58.89 per barrel, while January delivery West Texas Intermediate crude dropped $1.63 to $58.54 per barrel on the New York Mercantile Exchange. Nymex Decmeber unleaded gasoline was 6 cents lower to $1.5730 per gallon and Nymex Decmeber heating oil was also down 6 cents to $1.6730 per gallon. Natural gas prices were lower as well, with Nymex December Henry Hub down just over 2 cents to $7.71 per million British thermal units.

Prices for precious metals were mixed on Wednesday. Gold added 0.4 percent to $628.80 per troy ounce, but platinum prices dropped 6.9 percent to $1,145 per troy ounce on continuing rumors that an exchange-traded fund for the metal will be introduced soon.

Base metals were also mixed. Zinc added 1.7 percent to $4,365 per tonne as inventories in London Metal Exchange warehouses dropped another 500 tonnes to 89,000 tonnes. However, nickel dropped 0.5 percent to $31,150 even though LME stockpiles fell another 534 tonnes to below 6,900 tonnes. Copper was also lower, by 1.2 percent to $6,895 per tonne.

Platinum prices were up on Tuesday as metals prices generally rose on a day of volatility in the metals markets.

Platinum ended the session 3.1 percent higher to $1,290 per troy ounce on continuing speculation that an exchange traded fund will be introduced for the metal after similar funds for gold and silver have met with notable success. At one point in the day, platinum had gained 11.5 percent to hit a new record price of $1,395 per troy ounce.

Elsewhere in precious metals gold added 0.7 percent to $626.50 per troy ounce, while silver gained 2.1 percent to $12.99 per troy ounce and palladium was 2.2 percent higher to $326 per troy ounce.

Base metals saw prices go up as well. Aluminium gained 0.8 percent to $2,676 per tonne even though inventories in London Metal Exchange warehouses dropped by over 6,000 tonnes. Copper was 1.5 percent higher to $6,940 per tonne. Zinc gained 2.9 percent to $4,290 per tonne as LME inventories fell to their lowest point since 1991, while nickel was up 3.5 percent to $31,300 per tonne on a decline of 168 tonnes in LME stockpiles.

Crude oil prices were up when foul weather in Alaska forced a halt in loading at Valdez. Brent crude January contracts added $1.06 to $60.04 per barrel, while January delivery West Texas Intermediate crude was 96 cents higher to $59.76 per barrel. Meanwhile, in Belgium, the head of the International Energy Agency said that he cannot see any reason for OPEC to cut production again in December, as inventories are merely comfortable.

Despite announcements from Qatar and Algeria that both countries will support further OPEC production cuts in order to cut what the oil cartel sees as an oversupply on the market, crude oil prices were lower on Monday. Brent crude for January delivery was 23 cents lower to $58.76 per barrel, while West Texas Intermediate crude January contracts dropped 44 cents to $58.54 per barrel. According to Goldman Sachs, the lower prices are an isolated phenomenon in the United States and other markets are already adjusting to the OPEC cuts. Meanwhile, Lehman Brothers has predicted that US crude oil prices will average $73.50 per barrel next year.

In the metals markets on Monday, prices rose in both precious and base metals. Gold added 0.5 percent to $624.10 per troy ounce, while silver gained 1 percent to $12.88 per troy ounce and platinum was 5.1 percent higher to $1,246 per troy ounce. The price of platinum was helped by rumors that an exchange traded fund similar to those for gold and silver.

Among base metals, copper gained 0.6 percent to $6,840 per tonne even though London Metal Exchange inventories were up b y 2,050 tonnes on the day, helped by the announcement by Freeport-McMoran that it intends to purchase Phelps Dodge to create the largest publicly traded copper miner in the world. Elsewhere, nickel added 2.2 percent to $30,250 per tonne on a decline of 108 tonnes in LME stockpiles, while zinc was 3.6 percent higher to $4,169 per tonne as LME inventories dropped by 1,150 tonnes.

Crude oil prices were lower this week after a decline of $2.50 per barrel on Thursday on rumors, which turned out to be unfounded, that crude oil storage facilities in Louisiana, where West Texas Intermediate is stored, were full. WTI December contracts were 44 cents lower to $55.82 per barrel Friday on the New York Mercantile Exchange. With the December contracts expiring, January WTI volumes were higher and their price rose 12 cents to $58.69 per barrel but were down 4.6 percent over the week. Meanwhile, Brent crude for January delivery added 20 cents on the day to $58.74 per barrel but dropped 1.6 percent during the week.

In the metals markets, precious metals were lower, with gold dropping 1.1 percent on the week to $621.30 per troy ounce. Silver fell 1.5 percent over the week to $12.79 per troy ounce but consultancy GFMS predicted that a hike to $15 per troy ounce could be coming soon. Platinum was 3.4 percent lower to $1,165 per troy ounce even though demand is predicted to increase, while palladium dropped 4.5 percent to $315 per troy ounce on projections of surplus supply.

Among base metals, copper, lead, and zinc were all down but nickel added 1.1 percent over the week to $29,750 per tonne. Copper dropped 1.4 percent to $6,820 per tonne as London Metal Exchange stockpiles grew by 40 percent from mid-October. Zinc fell 5.6 percent to $4,060 per tonne, while lead was 10.7 percent lower to $1,495 per tonne.

Crude oil prices were lower on Thursday, with Brent crude down 77 cents to $59.84 per barrel. Meanwhile, December contracts for West Texas Intermediate crude was $1.08 lower to $57.68 per barrel. With December contracts expiring at the end of the trading session, January WTI traded in higher volumes and dropped 80 cents to $59.92 per barrel.

Meanwhile, the Energy Information Administration issued a report showing that natural gas stockpiles were up by 5 billion cubic feet last week. The announcement sent Nymex Henry Hub natural gas 25 cents lower to $7.867 per million British thermal units.

In the metals markets on Thursday, gold was slightly higher to $623.00 per troy ounce.

Base metals were mixed, with copper 1.6 percent lower to $6,800 per tonne on a report from Bloomsbury Mineral Economics that predicted that the refined copper market would run a surplus of 45,000 tonnes in 2007; its previous forecast had put copper at a deficit of 130,000 for next year. On the other hand, zinc added 0.7 percent to $4,220 per tonne on a report of a higher supply deficit this year than last from the International Lead and Zinc Study Group. The group reported that global demand was up by 4 percent and consumption in China has risen by 7 percent.

Crude oil prices dropped on Monday after it was reveled that Saudi Arabia has decided that it will sell more oil to some of its Asian customers in December. While it seemed that this move was in opposition to its agreement to cut oil output with other OPEC members, some analysts said it was too soon to tell whether it was really violating the production decision or would take all of its cuts from sales to the United States and Europe.

Brent crude for December delivery dropped 75 cents to $58.96 per barrel in London, while West Texas Intermediate crude December contracts were 98 cents lower to $58.61 per barrel on the New York Mercantile Exchange.

In the metals markets on Monday, prices were down almost universally. The exceptions were in aluminium and nickel prices. Aluminium was 0.7 percent higher to $2,714 per tonne, while nickel added 1 percent to $29,700 per tonne.

Copper led the declines among base metals. It ended the session at $6,917 per tonne after going as low as $6,761 per tonne earlier in the day. Prices for the metal has dropped nearly 11 percent since the middle of October as inventories in London Metal Exchange warehouses have added 3,100 tonnes - 38 percent - to 151,300 tonnes. Elsewhere in base metals, zinc dropped 1.5 percent to $4,235 per tonne after dropping as low as $4,020 per tonne, while lead declined 5.7 percent to $1,580, $130 higher than its lowest point on the session.

In precious metals, gold dropped 0.9 percent to $622.80 per troy ounce as the dollar firmed and oil prices fell, while platinum fell 1 percent to $1,194 per troy ounce.