Most commodities prices fall on bailout concerns

Crude oil prices were lower Friday on concerns that delays in agreeing to a bailout of the US financial sector could hurt demand for oil and oil products.

November contracts for West Texas Intermediate crude dropped $1.25 to $106.77 per barrel at the close of floor trade on the New York Mercantile Exchange, while Brent crude for November delivery was down $1.27 to $103.33 per barrel on the ICE Futures Europe exchange in London.

In afternoon trade in New York, Nymex October gasoline futures dropped 8 cents to $2.62 per gallon while November heating oil was also down 8 cents, to $2.97 per gallon, and November natural gas fell 26 cents to $7.68 per million British thermal units.

December copper was down 6 cents to $3.07 per pound in New York while three-month copper dropped $155 to $6,775 per tonne on the London Metal Exchange, with prices hurt by demand worries and delays in agreement on a bailout plan for the US financial sector.

Aluminium inventories added 1,650 tonnes, sending the price of that metal down $15 to $2,494 per tonne, while the price of zinc fell $30 to $1,770 per tonne, lead was $55 lower to $1,960 per tonne and nickel dropped about $100 to $17,000 per tonne as inventories hit their highest level in nine years.

Among precious metals, December gold was up $6.50 to $888.50 per troy ounce and Decmeber silver gained 26 cents to $13.50 per troy ounce but January platinum dropped $68.10 to $1,123.10 per troy ounce.

Prices for grains on the Chicago Board of Trade were also lower on financial sector concerns.

CBOT December corn was down 15 cents to $5.43 per bushel while November soybeans fell 19 cents to $11.64 per bushel and December wheat dropped 20 cents to $7.16 per bushel.

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