| CATEGORY: COMMODITIES |
Commodities: Oil ends winning streak |
|
Fri 20 Nov 2009
|
LONDON (SHARECAST) - The price of oil dropped on Thursday for the first day in four following a rise in the value of the dollar and a disappointing US jobs report.
Traders decided the jobs number that showed initial jobless claims stuck at 505,000 last week, was bad for the demand outlook. That sent the December contract down $2.12 to $77.46 a barrel on the New York Mercantile Exchange.
Gold prices inched higher though as the dollar gave back a little of the day’s gains.
The December contract added 70 cents to $1,141.90 an ounce on a day when the World Gold Council reported demand for the third quarter reached 800.3 metric tons, or $24.7bn.
But that was still down 34% from the same time last year as the financial crisis ensured an “exceptionally strong” third quarter of 2008.
Elsewhere, silver was up a touch, but palladium, platinum and copper all fell.
|
|
| |
|
 |
Archived Stories |
 |
|
Front Page Stories |
|
|
