WTI, Brent prices fall on recovery concerns

Crude oil prices were lower Friday on worries about economic recovery after the UK said that its gross domestic product fell 0.4 percent in the third quarter, and as equities markets declined but the dollar gained strength.

In addition, OPEC’s secretary general said that the cartel could decide to raise production quotas at its December meeting if inventories fall and it becomes clear that the global economy is growing.

In afternoon trade on the New York Mercantile Exchange, December contracts for West Texas Intermediate crude had dropped 91 cents to $80.28 per barrel, while Brent crude for December delivery was down 60 cents to $78.91 per barrel on the ICE Futures Europe exchange in London.

Metals prices were mixed on the session.

December copper added 4 cents to $3.03 per pound in New York and three-month copper was up $64 to $6,649 per tonne on the London Metal Exchange after going as high as $6,714 per tonne during the session, its highest level in over a year.

But some analysts worried in a survey that copper prices could fall next week on signs that demand for the metal used in manufacturing and construction is not recovering as quickly as had been hoped in the US, despite a report that existing home sales were 9.4 percent higher in September and the news that factory orders were up in the Eurozone in August.

Aluminium added $6 in London to $1,872 per tonne as inventories fell but remained near record highs, while zinc added $23 to $2,273 per tonne and tin gained $145 to $15,145 per tonne.

Lead dropped $45 to $2,360 per tonne while nickel was down $250 to $18,950 per tonne in London.

Among precious metals, meanwhile, December gold fell $2.20 to $1,056.40 per troy ounce and January platinum was down 40 cents to $1,369.50 per troy ounce, but December silver added 20 cents to $17.74 per troy ounce.

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