| CATEGORY: COMMODITIES |
Thu 09 Aug 2012
|
LONDON (SHARECAST) - Profit takers moved in on oil, as the price of the black stuff recovered to its highest level since mid-May at one point.
A late swoon saw the price of West Texas intermediate crude for September delivery close at $93.35 a barrel, down 32 cents on the day. Earlier the contract had hit an intra-day high of $94.72.
Trading volumes were thin, despite the release of a report on oil inventories from the Energy Information Administration (EIA). The EIA said stockpiles declined by 3.7m barrels to 369.9m barrels in the week ended August 3rd.
An increase in the value of the dollar sapped some demand for the dollar-denominated commodity.
The most widely traded contract for gold ended the day higher, however, as hopes rose that central governments would give the quantitative easing tap another twist soon. Such a move would boost gold's appeal as an alternative investment to currencies.
Gold for December delivery rose $3.20 to $1,616 an ounce on the Comex division of the New York Mercantile Exchange.
JH
|
|
|
|
 |
|
