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Friday 13th of June 2008
November 1, 2006

Crude oil prices on decline again


by Elaine Frei

Crude oil prices continued their downward trend Wednesday on news of higher inventories in the US and a return by North Korea to six-party talks, lessening tensions over its nuclear ambitions. The North Koreans agreed to the return after Washington said it would discuss the financial sanctions that were leveled against North Korea in the wake of missile tests it conducted.

New inventories data showed that crude oil stockpiles added 2 millions barrels last week, while the numbers showed that there was less gasoline and heating oil in storage than had been anticipated. At midday in New York, Brent crude December contracts dropped 68 cents to $58.35 per barrel. December delivery West Texas Intermediate crude fell 54 cents to $58.19 per barrel.

In the metals markets on Wednesday, gold hit a seven week high as it climbed $9.70 to $615.70 per troy ounce on weakness in the US economy, signaled by a drop in October’s numbers on manufacturing from the Institute of Supply Management and the further decline of the dollar.

Base metals were also lower, with copper dropping $225 to $7,150 per tonne in London on Institute of Supply Management data that showed prices paid for base metals lower as well as on London Metal Exchange copper inventories which are rising. Aluminium as lower as well, by $58 to $2,731 per tonne.


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