Crude prices slide despite possibility of OPEC cuts

Crude oil prices were lower again Thursday as concerns about demand trumped calls by Orgainzation of Petroleum Exporting Countries members Nigeria, Qatar and Libya to cut output in order to stem price declines.

November contracts for West Texas Intermediate crude had dropped $2.45 to $86.50 per barrel just before the close of floor trade on the New York Mercantile Exchange, while at last report Brent crude for November delivery had fallen $1.72 to $82.64 per barrel on the ICE Futures Europe exchange in London.

Nymex November gasoline was down a cent to $2.02 per gallon while November heating oil fell 8 cents to $2.42 per gallon but November natural gas was up 4 cents to 6.79 per million British thermal units.

Among base metals, three-month copper added $75 to $5,240 per tonne and went as high as $5,429 per tonne in London while December copper added 5 cents to $2.41 per pound in New York trade.

Aluminium added $57 to $2,307 per tonne while zinc was up $68 to $1,498 per tonne, lead was $85 higher to $1,660 per tonne, tin added around $100 to $14,800 per tonne and nickel was up $200 to $13,400 per tonne.

Precious metals prices were mixed as December gold dropped $20.00 to $886.50 per troy ounce in New York but December silver added 10 cents to $11.87 per troy ounce and January platinum gained $31.60 to $1,043.70.

Prices for corn and soybeans were up on the Chicago Board of Trade on the possibility that lower prices will mean more sales overseas for US crops.

December corn added 10 cents to $4.38 per bushel and November soybeans gained 16 cents to $9.80 per bushel but December wheat was down 3 cents to $6.04 per bushel in afternoon trade in Chicago.

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