LONDON (SHARECAST) - Oil prices recovered from its six-month low ahead of OPEC’s emergency meeting in Vienna Friday.
The oil cartel, which controls around 40% of the world’s oil production, is expected to cut oil supplies amid slowing demand and falling prices.
Data out midweek showed US supplies rose for the fourth consecutive week and underlined the fact that supply is outweighing demand as businesses and consumers tighten their consumption of oil as recession looms.
US crude for December delivery closed up $1.09 to $67.84 a barrel on the New York Mercantile Exchange. The session before, the contract settled at $66.75 a barrel, a level not seen since June 2007.
Gold futures fell Thursday as funds continued to liquidate their assets and as the dollar strengthened against major currencies.
Gold for December delivery fell $20.50 to close at $714.70 an ounce on the Comex division of the New York Mercantile Exchange.
Despite turmoil in the financial markets, gold’s safe haven qualities have not been sought.
Other metals came under pressure too with December copper down 6.1 cents to close at $1.8045 a pound and January platinum tumbled $44.60 at $812.60 an ounce.
