West Texas Intermediate crude drops $2.30 per barrel

Crude oil prices were lower on the day and the week on Friday

West Texas Intermediate January contracts were down $2.30 to $88.71 per barrel at the close of trade on the New York Mercantile Exchange.

Nymex December contracts for gasoline were down less than 1 cent to $2.26 per gallon while January natural gas dropped 15 cents to $7.302 per 1,000 cubic feet.

The December gasoline contracts closed at the end of trade on the day.

Among the factors leading to the declines, analysts expect the Organization of Petroleum Exporting Countries to increase production levels when it meets on 5 December in Abu Dhabi.

Additionally, three of the four Canada-US crude oil piplines closed late Wednesday after an explosion were reopened Thursday and estimates are that the fourth will reopen in two or three days.

Precious metals prices were mixed in New York on Friday as demand for precious metals was reduced as the US dollar strengthened and oil prices were again on the decline.

February gold was down $13.50 to $788.80 per troy ounce after falling to a 10-day low of $785 per troy ounce earlier in the session, while March silver fell 28 cents to $14.17 per troy ounce.

January platinum, however, had added $4.60 to $1,444.10 near the close of trade in New York.

Among base metals, copper was helped by the prospect of a cut in interest rates in the United States as it added 9 cents to $3.18 per pound in New York.

Grains prices were mixed in afternoon trade.

March corn on the Chicago Board of Trade was 0.75 cent higher to $4.02 per bushel while December wheat fell 2 cents to $8.67 per bushel and January soybeans were down 18 cents to $10.83 per bushel.

Story link: West Texas Intermediate crude drops $2.30 per barrel