Crude oil prices fall on dollar strength

Crude oil prices fell in New York and London on Monday due to a stronger US dollar and a cease-fire agreement between the Nigerian government and rebels who have been operating in the oil-rich Niger Delta region of that African nation.

December contracts for West Texas Intermediate crude were down $1.63 to $78.87 per barrel at about 20 minutes before the close of floor trade on the New York Mercantile Exchange, while at last report Brent crude for December delivery was down $1.24 to $77.68 per barrel on the ICE Futures Europe exchange in London.

Nymex November gasoline traded about even during the session at $2.04 per gallon while December heating oil was up 3 cents to $2.13 per gallon but December natural gas futures were down 25 cents to $5.23 per million British thermal units.

Copper prices were also pushed lower once the dollar strengthened, but were as high as $6,732 per tonne, a 13-month high, in early London trade before the declines.

December copper fell 2 cents to $3.01 per pound in New York trade, while three-month copper ended the session down $36 to $6,613 per tonne on the London Metal Exchange as LME stockpiles added another 1,775 tonnes, to 368,850 tonnes.

Nickel prices were also lower, dropping $300 to $18,650 per tonne, and lead remained untraded but the last bids were down $50 to $2,310 per tonne.

Aluminium was up $26 to $1,972 per tonne after going as high as $2,028 per tonne during the session while zinc added $42 to $2,315 per tonne and tin gained $110 to $15,255 per tonne in London.

Precious metals prices were lower in New York, where December gold was down $13.60 to $1,042.80 per troy ounce, December silver fell 63 cents to $17.10 per troy ounce, January platinum was $23.70 lower to $1,345.80 per tonne and December palladium dropped $6.20 to $333.25 per troy ounce.

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