Commodities: IEA cuts 2014 oil demand forecasts

Front month West Texas crude futures ended the day $3.14 lower at $81.84 per barrel in NYMEX trading.

The International Energy Agency, the rich world’s energy watchdog, cut its estimate for this year’s growth in demand by 200,000 barrels per day, adding that it does not expect OPEC to cut its output when it next meets.

In parallel, a report attributed to Reuters cited Iranian officials as having signaled that they were now less averse to a fall in the price of crude.

To take note of, in a letter first reported by the FT, Saudi Prince Alwaleed bin Talal warned that his country’s decision to allow the price of oil to drop could be potentially catastrophic for the country’s finances.

December corn futures lost 1% to $3.56 per bushel on the Chicago Board of Trade.

Three-month copper futures were again to be seen higher, rising by 1.34% to $6,800 per metric tonne on the LME, as the latest numbers on Chinese foreign trade propped up market sentiment.

Gold futures for December delivery ended the session down by three dollars at $1,234.30 per ounce on COMEX.