Crude oil prices continue to decline

| September 6, 2006 | 0 Comments

Crude oil prices continued to decline on Wednesday, falling to near their lowest level in three months as the summer driving season in the US ended and as diplomatic efforts to end the dispute over Iran’s nuclear program continued. Also helping prices decline were predictions that tropical storm Florence will not enter the Gulf of Mexico, missing oil production areas there.

Brent crude October contracts were 51 cents lower to $67.58 per barrel by late afternoon in London. West Texas Intermediate crude dropped 27 cents to $67.60 per barrel by early afternoon on the New York Mercantile Exchange.

In metals markets on Wednesday, gold and silver were both higher. Gold was at $635.10/$636.10 per troy ounce at the end of the London trading day after going as high as $640.25 per troy ounce. Silver added 17 cents to $13.06/$13.13 per troy ounce.

Base metals were also higher on the day, while the International Monetary Fund issued a report saying that prices for both copper and aluminium will decline sharply by the end of the decade. The report predicts that copper prices will drop by 57 percent by 2010, while aluminium prices will be 35 percent lower. Three-month copper was $125 higher on the session to $8,045 per tonne on the London Metal Exchange, while zinc added $90 to $3,710 per tonne and aluminium was was up by $60 to $2,635 per tonne.


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