Oil U-turns lower, wheat tumbles
Friday, 7 December 2007
CHICAGO/LONDON, Dec 6 (Reuters): Oil's OPEC-fueled gains yesterday reversed by an unexpected rise in US stocks of gasoline, while wheat tumbled as the United States lost out to Russia in selling the food grain to Egypt.
Spot gold fell below the psychologically key $800-an-ounce level as a resurgent dollar set a one-month high against major currencies, while gains in copper were kept in check by some concerns over the health of the US economy.
US crude fell 83 cents to settle at $87.49 a barrel, down from a peak earlier in the day of $90.39 and its lowest close since Oct. 24's $87.10. London Brent crude fell $1.31 to $88.22 a barrel.
GASC bought 60,000 tonnes of Russian wheat at the tender, bypassing higher-priced offers from the United States.
Chicago Board of Trade March wheat fell 11-1/4 cents to $8.63-3/4 a bushel.
Paris-based Euronext milling wheat futures were down, with January down 1.75 euros at 246.25 a tonne.
Gold slipped below $800 as the dollar extended gains against a basket of currencies, raising the cost of bullion in overseas markets. The greenback's gains were boosted by reports showing robust job growth and productivity gains.
Spot gold was at $792.30/$793.00, down from $803.80/804.50 late in New York Tuesday, when it gained more than 1 per cent and revisited the $800 level.
Spot gold fell below the psychologically key $800-an-ounce level as a resurgent dollar set a one-month high against major currencies, while gains in copper were kept in check by some concerns over the health of the US economy.
US crude fell 83 cents to settle at $87.49 a barrel, down from a peak earlier in the day of $90.39 and its lowest close since Oct. 24's $87.10. London Brent crude fell $1.31 to $88.22 a barrel.
GASC bought 60,000 tonnes of Russian wheat at the tender, bypassing higher-priced offers from the United States.
Chicago Board of Trade March wheat fell 11-1/4 cents to $8.63-3/4 a bushel.
Paris-based Euronext milling wheat futures were down, with January down 1.75 euros at 246.25 a tonne.
Gold slipped below $800 as the dollar extended gains against a basket of currencies, raising the cost of bullion in overseas markets. The greenback's gains were boosted by reports showing robust job growth and productivity gains.
Spot gold was at $792.30/$793.00, down from $803.80/804.50 late in New York Tuesday, when it gained more than 1 per cent and revisited the $800 level.