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Tuesday 02nd of December 2008
May 22, 2006

Crude oil prices decline; metals mixed


by Elaine Frei

Metals prices were mixed on Monday with gold lower, most other precious metals essentially unchanged, and base metals somewhat higher on the day. Crude oil prices were down slightly.

Brent crude July contracts on the International Petroleum Exchange were down 37 cents to $68.31 per barrel after dropping as low as $67.63 during the day. Meanwhile, West Texas Intermediate crude on the New York Mercantile Exchange declined by 8 cents to $68.45 per barrel. Analysts were of the opinion that if prices drop below $68.20, it could mean that a further decline to just above $65 per barrel could be coming.

Spot gold prices in London were affected after the precious metal dropped by its full 60 yen daily limit in Tokyo. By the close in London, gold had lost 1 percent to $650.50 per troy ounce.

Silver was nearly flat at $12.30 per troy ounce after recovering from a drop to $11.90 earlier. Platinum and palladium were also both close to their previous closing level. Platinum closed at $1,282 per troy ounce, while palladium ended at $336 per troy ounce.

Among base metals, copper ended the day up 1 percent to $7,625 per tonne after dropping as low as $7,250 during the day. Aluminium added 1.5 percent to $2,725 per tonne, while nickel was up 2 percent to $20,900 per tonne and zinc added 3.4 percent to $3,340 per tonne.

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