COMEX and NYMEX World Oil Prices 2010
In augustus 2010, world oil prices fell once more, hitting near six-week lows after failing to sustain early gains won on the back of a weaker dollar.
New York’s main contract, light sweet crude for delivery in October, dropped 68 cents to stand at $US73.14 a barrel. Brent North Sea crude for October shed 67 cents to $US73.59 in late London trade.
Crude futures had pulled back from around six-week lows early on Monday to stand above $US74. They had meanwhile fallen on Friday for a third straight session amid worries that weakening growth in the United States could curtail energy demand. The US and China are the world’s two biggest energy consumers.
Prices at current levels meanwhile threaten economic recovery as well as a pick-up in energy demand, consultancy CGES warned on Monday.
But OPEC, the cartel which can help influence price movement by altering the level of oil output levels, is happy with current prices, the Centre for Global Energy Studies (CGES) said in a monthly market report.
The next formal meeting of OPEC to discuss production is due on October 14 in Vienna.
Gold was largely flat in quiet trade, as investors awaited key US housing and GDP data later this week, which could provide support to the metal viewed as a safe haven in times of uncertainties.
A firmer dollar against the euro kept gold from rising further, as new euro zone data added to concerns that economy recovery could be stalling. Crude oil also fell for a fourth day in a row due to economic worries.
Spot gold was at $1,226.50 an ounce at 3:22 pm EDT (0422 AEST), against $1,226.95 late in New York on Friday. US gold futures for December delivery settled down 30 cents at $1,228.50.
Trading volume in COMEX gold futures was near a one-year low at just 55,000 lots on Monday during the slower summer sessions, preliminary exchange data showed.
Bullion has been on a rising trend on safe-haven demand amid double-dip recession worries since it bottomed in late July. Gold rallied to a 1 1/2 month high at $1,237.15 an ounce last week after a spate of lacklustre US data knocked confidence in the economic recovery.
The US Commodity Futures Trading Commission’s weekly Commitment of Traders report showed noncommercial net long positions in gold futures has climbed in three out of past four weeks.
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