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June 16, 2006

Oil prices fall on week

Permalink: Oil prices fall on week by Elaine Frei

Filed under: Investments, Economy

Despite gains later in the week, commodities markets were not able to recover from sell-offs early in the week as investors worried about inflation and interest rates.

The price of gold gained $7 on Friday to trade at $573.50/$574.20 per troy ounce. Even though it managed to gain 5 percent from early-week lows, it was still 5 percent lower over the week. Silver lost 10 percent on the week as a while to trade at $10.04/$10.14 per troy ounce.

Copper was up by $30 to $7,025 per tonne on Friday on the London Metal Exchange, but it still ended the week lower by $175. It remains to be seen where prices will go after a Sunday contract vote by workers at the world’s largest copper mine, where BHP Billiton and Rio Tinto are the biggest shareholders.

The price of crude oil was down on Friday, with Brent crude August contracts dropping by 54 cents to $67.90 by late afternoon on the International Petroleum Exchange in London. Despite the fact that Brent was up $1.80 from Wednesday’s price, it still lost 3.5 percent over the week.

West Texas Intermediate crude July contracts were down by 45 cents by mid-morning on Friday on the New York Mercantile Exchange, trading at $69.05 per barrel. This put WTI around 3.5 percent lower for the week. The higher price for WTI compared to Brent had to do with concerns about the new hurricane season and the specter of supply disruptions similar to last year’s.

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