OIL: Crude falls below $13 a barrel
By Paul Solman
Crude oil prices dropped below $13 a barrel yesterday, ahead of the weekly US petroleum stocks report from the American Petroleum Institute.
In late trading on London's International Petroleum Exchange, the benchmark November contract for Brent blend was $12.94, compared with Tuesday's close of $13.03.
Analysts expect the API report, which was delayed this week from Tuesday because of Monday's Columbus Day holiday, to be bearish for crude prices.
Platinum fell to its lowest level for more than six years in London, "fixing" at $339 an ounce. The precious metal - used primarily in the automotive and jewellery industries - has been suffering from a fall in demand caused by the economic problems in Asia, according to analysts. Japan is one of its main markets.
Meanwhile, Impala Platinum Holdings of South Africa said it had reached a deal to end the 15-day strike over wages at its refineries.
Gold was fixed at $295.30 an ounce in London yesterday afternoon compared with the morning fix of $296.60 and the previous afternoon's level of $295.55.
Base metals traded quietly on the London Metal Exchange, with aluminium closing at $1,353 a tonne, $16 below Tuesday's level. Copper was down $3 at $1,614 a tonne, while nickel was down $5 at $3,845 a tonne.
Coffee recovered some ground on the London International Financial Futures and Options Exchange, with the November contract ending $5 above Tuesday's close at $1,695 a tonne. Cocoa was also stronger than of late, closing up £6 at £994 a tonne.
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