A strong performance on Wall Street also buoyed demand for the black stuff. US light crude oil for November delivery rose 8 cents to finish at $71.77 a barrel on the New York Mercantile Exchange.
Oil prices came under pressure earlier in the session as the dollar strengthened against major currencies following Federal Reserve chief Ben Bernanke’s assertion that while ‘accommodative policies will likely be warranted for an extended period’ the Fed will need to tighten monetary policy ‘to prevent the emergence of an inflation problem down the road.’
However while the rebounding dollar weighed on oil prices, traders focused on Friday’s report by International Energy Agency. The Paris based agency raised its forecasts for global oil demand for 2009 and 2010, after increasingly optimistic economic forecasts by the International Monetary Fund and economic data from the US and Asia.
Comex gold for December delivery dropped $7.70 to settle at $1,048.60 an ounce as the dollar regained ground after Bernanke’s comments that loose monetary policy will eventually end.
 |
| Name | Price | 1 Day Change | 1 Day % Change | Units |
|---|---|---|---|---|
| Gold | $1,045.00 | +$6.50 | +0.62% | $/troy oz |
| Silver | $17.80 | -$0.17 | -0.96% | $/troy oz |
| Cattle | 154.86p | 0.000p | 0.00% | p/kg |
| Pigs | 148.47p | 0.000p | 0.00% | p/kg |
| Lamb | 141.01p | 0.000p | 0.00% | p/kg |
| Brent Crude | $69.52 | +$0.26 | +0.38% | $/barrel |
| Krugerrand | $1,088.70 | -$5.10 | -0.47% | $/troy oz |
| Palladium | $317.50 | +$5.50 | +1.73% | $/troy oz |
| Platinum | $1,335.00 | +$2.00 | +0.15% | $/troy oz |
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