Dollar strength weighs on oil prices
Market watch top headlines
Australian reports
- Aust markets: Stocks end higher on jobs surge
- Aust dollar report: $A reaches four-month high on jobs data
- Aust credit close: Bonds mixed after Japanese auction
World reports
- World commodities: Crude oil prices fall
- World markets: Wall St lower on European debt fears
AAP
2009-11-23
NYMEX - Oil prices remained depressed on Friday amid a strengthening dollar and concerns over sustainable economic recovery.
New York's main contract, light sweet crude for December delivery, dropped 74 US cents to end the week at $US76.72 after slumping by more than two dollars on Thursday.
The more active January contract fell 58 US cents to $US77.47.
London's Brent North Sea crude for January delivery lost 44 US cents to $US77.20.
Traders said oil investors tracked the global stock and foreign exchange markets as they weighed prospects for next week.
COMEX - Gold prices finished higher for a sixth straight day on Friday, rising even as the dollar strengthened.
The December contract added $US4.90 to settle at $US1,146.80 an ounce on the New York Mercantile Exchange. For the week, prices gained 2.7 per cent.
Gold has been on a record-setting climb since early September as investors looked for an alternative investment to a falling dollar. Gold is considered a good hedge against a weak greenback because of its stable store of value.
Some analysts have expressed concern that gold could see a sharp correction after such a rapid ascent. But the consensus seems to be that gold prices have more room to run.
Other metals were little changed. December silver dipped 1.5 US cents to $US18.44 an ounce, while December platinum slid $US2 to $US1,438.70 an ounce. Palladium also fell.
December copper futures rose 2.7 cents to $3.108 a pound.
