Commodities markets summary
Market watch top headlines
Australian reports
- Aust markets: Aust stocks close lower
- Aust dollar report: $A finishes the day higher
- Aust credit close: Aust bonds weaker
World reports
- World commodities: Commodities markets summary
- World markets: International markets roundup
AAP
2012-09-20
A summary of trading in key commodities markets overseas:
ENERGY
Oil prices slumped by more than $US3.00 on talk of increased Saudi Arabian supplies to help cool the market and a rise in US inventories, analysts said.
New York's main contract, West Texas Intermediate crude for delivery in October, shed $US3.31 to close at $US91.98 a barrel.
In London, Brent North Sea for November tumbled $US3.84 to $US108.19.
"Both the major crude oil contracts started the day a touch firmer as traders woke up to news that the Bank of Japan had joined the Federal Reserve and European Central Bank in announcing more monetary easing measures," said Fawad Razaqzada, an analyst at GFT Markets trading group.
"However a sharp sell-off soon followed on talks that Saudi Arabia, the world's largest oil exporter, was planning to increase production to keep prices in check."
The Saudi view that prices have pushed up too much was rekindled on Wednesday after the Financial Times said that the world's biggest oil exporter had been offering customers extra supplies.
METALS
Industrial metals rose, most likely due to two encouraging reports about the US housing market.
December gold was virtually flat, rising 50 cents to $US1,771.70 per ounce.
December silver lost 13 cents to $US34.588 per ounce.
The industrial metals all rose. December copper was up 2.7 cents to $US3.814 per pound.
December palladium rose $US5.70 to $US673.05 per ounce and October platinum rose $US4.10 to $US1,640.40 per ounce.
