WTI drops on spending data

Oil prices were lower Friday on a report from the US Commerce Department showing that consumer spending dropped by 0.3 percent in September.

December contracts for West Texas Intermediate crude were down $1.67 to $64.29 per barrel in early afternoon trade on the New York Mercantile exchange while at last report Brent crude for December delivery was down $1.84 to $61.87 per barrel on the ICE Futures Europe exchange in London.

Nymex December gasoline futures were 5 cents lower to $1.40 per gallon during the session, while December heating oil had dropped a cent to $1.99 per gallon but January natural gas had gained 5 cents to $6.78 per million British thermal units.

Base metals prices dropped in New York and London on inventories gains for both copper and aluminium.

December copper was down 9 cents to $1.81 per pound in midday trade in New York, while at late afternoon in London three-month copper had dropped $210 to $4,000 per tonne, while aluminium fell $40 to $2,025 per tonne.

Zinc dropped $12 to $1,148 in late afternoon trade in London,, while lead fell $59 to $1,461 per tonne, nickel was $205 lower to $11,695 per tonne and tin was $900 lower to trade at $13,700 per tonne.

December gold was down $13.50 to $725 per troy ounce just past noon in New York as the US dollar gained on the pound and the euro.

Grains prices were also lower on the Chicago Board of Trade, with December wheat down 8 cents to $5.30 per bushel while December corn fell 12 cents to $3.97 per bushel and November soybeans dropped 22 cents to $9.12 per bushel.

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