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IEA predicts demand growth of 2.4 million barrels/day in Q4


by Elaine Frei
November 10, 2006

The price of crude oil was lower on Friday even though the International Energy Agency said that demand for oil around the world will be “exceptionally strong” in the fourth quarter of the year, with tighter markets due to winter consumption and OPEC production cuts. The IEA said that demand will be up by 2.4 million barrels a day through the end of 2006.

Brent crude for December delivery dropped 97 cents to $60.35 per barrel, while December contracts for West Texas Intermediate crude were 95 cents lower to $60.21 per barrel. Even with these declines, however, prices for both Brent and WTI were 1.9 percent higher over the week.

In the metals markets on Friday gold was as high as $636.50 per troy ounce after comments from China that it is looking to diversify its foreign exchange reserves. By late afternoon in London, however, the price of gold had fallen to $628.80 for a gain of only 0.1 percent on the week. Meanwhile, platinum added 0.4 percent over the week to $1,227 per troy ounce on talk that an exchanged traded fund might be introduced.

In base metals, lead was a bit weaker this week, ending at $1,675 per tonne after going to a new record high price of $1,750 earlier on Friday. Zinc was slightly higher on the week as it fell to $4,300 per tonne after also finding a new record, $4,580 per tonne, early in the day on Friday. Inventories of zinc dropped to 95,200 tonnes in London Metal Exchange warehouses. Nickel saw big declines over the week, ending at $29,400 per tonne, a decline of 6.4 percent on the week.



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