Commodities markets summary
Market watch top headlines
SYDNEY, Dec 31 AAP
December 31 2012, 07:43AM
A summary of trading in key commodities markets overseas from Friday:
Oil prices have slipped slightly as traders eye an 11th-hour "fiscal cliff" meeting at the White House ahead of a New Year's Eve deadline.
New York's main contract, West Texas Intermediate light sweet crude for February delivery, edged seven cents lower to settle at $US90.80 a barrel on Friday.
Brent North Sea crude for February delivery dipped 18 cents a barrel in London trade down to $US110.62.
After opening in positive territory in New York trade, prices turned lower following a weekly US Energy Department report that said the country's crude supplies fell by 600,000 barrels in the week ended December 21 - less than analysts had expected.
But markets seemed largely focused on a White House gathering between President Barack Obama and senior lawmakers aimed at preventing the United States from going over the so-called fiscal cliff, a mix of steep increases and budget cuts due to kick in on Tuesday.
Experts warn that failure to reach a deal by the end of the year could take the US economy back into recession.
And that could deal a blow to energy demands for the world's biggest consumer of crude.
Metal prices also fell amid negativity that there will be a deal to avoid the fiscal cliff.
Silver, palladium and platinum fell the most, despite scattered hints that housing and manufacturing might be picking up. T
Gold for February delivery lost $7.80 to close at $1,655.90 per ounce. March silver lost 26.5 cents, almost 1 percent, to $29.975 per ounce.
March copper slipped 1.15 cents to $3.5895 per pound. March palladium fell $8.20, more than 1 percent, to $700.30 per ounce. April platinum fell $14.40, almost 1 per cent, to $1,521.60 per ounce.