Oil production slides Mynex prices

Commodities prices continued their slide on Monday, as gold hit a three-month low of $418.25 before rebounding to $419.00/9.70 after a Friday close of $420.00/420.80.

Copper prices fell too, with production accelerating even as demand is slowing. Three-month copper was down $11, to $2993 a tonne.

And, in undoubtedly the most-watched commodity, crude oil prices fell again on Monday. IPE Brent on June contracts was down 70 cents to $47.98 per barrel, and West Texas Intermediate on the New York Mercantile Exchange fell 74 cents to $47.92 per barrel after comments Sunday from OPEC’s president that it would continue to pump oil at near-capacity even though US inventories continue to grow.

Sheikh Ahmad al-Fahd al-Sabah, who is also oil minister for Kuwait, made his comments to reporters at a workshop in Kuwait. According to Sheikh Ahmad, OPEC will go on pumping over 30 million barrels of crude oil per day. This is OPEC’s highest production level in 50 years.

In addition, he said that a price of $40 per barrel, several dollars lower than the present price, is acceptable to OPEC. In a survey by Bloomberg News, 36 of 59 analysts said they think crude oil prices will fall again this week.

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