Oil prices slide, gold steadies

LONDON, Nov 15 (AFP): Oil prices tumbled this week to four-year lows on expectations that OPEC will likely maintain its production ceiling at the cartel's upcoming meeting, despite ample global supplies of crude.
Crude futures will keep sliding well into 2015, held down by weak demand and increased shale production, the International Energy Agency (IEA) forecast on Friday, as Brent North Sea crude struck $76.76 a barrel -- the lowest level since September 2010.
US benchmark West Texas Intermediate hit also a four-year low -- at $73.25 a barrel.
Global prices have collapsed by about one third in value since June and were weighed down further on Thursday after the United States said it had produced 9.063 million barrels of oil last week -- the highest production since at least January 1983 when official records began.
Dealers are largely expecting the 12-nation Organization of Petroleum Exporting Countries to decide against reducing output when it meets later this month in Vienna, home to the cartel's headquarters.
A production cut by OPEC would run against its kingpin Saudi Arabia's recent price cuts for crude exports to the US market.
That move was seen by market observers as an effort to maintain market share as it faces competition from cheaper oil from US shale fields.
PRECIOUS METALS: Gold prices were stable after recent heavy losses. Gold consumption meanwhile fell slightly in the third quarter as sliding jewellery demand in China offset strong growth in India, sector data showed on Thursday.
Overall demand dropped by 2.0 per cent in the three months ending September 30 to 929.3 tonnes compared with the third quarter in 2013, the World Gold Council said.
India's jewellery demand surged 60 per cent year-on-year to 183 tonnes, which was the second highest third-quarter on record for the country.
In China, jewellery demand slumped 39 per cent year-on-year. The price of gold traded on the London Bullion Market slumped by 28 per cent last year. It last week struck a four-year low, hit by persistent dollar strength.
A strong dollar makes commodities priced in the unit more expensive for buyers using weaker currencies, denting demand.
By late Friday on the London Bullion Market, the price of gold edged up to $1,169 an ounce from $1,154.50 a week earlier. Silver fell to $15.35 an ounce from $15.42. On the London Platinum and Palladium Market, platinum slid to $1,178 an ounce from $1,198. Palladium dipped to $760 an ounce from $763.
BASE METALS: Base or industrial metal prices mostly retreated following poorly-received Chinese data.
Three-month aluminium fell to $2,016 a tonne from $2,069. Three-month lead edged up to $2,020 a tonne from $2,017.50. Three-month tin dropped to $19,830 a tonne from $20,076. Three-month nickel dipped to $15,392 a tonne from $15,450. Three-month zinc retreated to $2,242.75 a tonne from $2,249.
COCOA: Prices slid on easing concerns that the Ebola epidemic could badly affect output in key producers Ivory Coast and Ghana.
SUGAR: Prices rebounded on expectations of a supply deficit.
COFFEE: Futures bounced back also on the prospect of an output deficit.
RUBBER: Kuala Lumpur rubber prices rose but Chinese demand worries capped gains.