Despite the rising tensions in Ukraine and talk of a tougher approach from Russia to gas sales, New York oil futures closed lower on Friday night for the worst week in a month.
Traders were more interested in the continuing rise in US domestic production – now running at a huge 8.3 million barrels of oil a day, and the consequent build up in stocks.
That may change this week with the Group of Seven countries announcing the prospect of new, tougher sanctions against Russia.
Crude oil for June delivery lost $US1.34, or 1.3%, to settle at $US100.60 a barrel on the New York Mercantile Exchange early Saturday our time.
The price ended at $US100.69 in after hours trading.
The May contract settled at $US104.30 (the so-called front month, which is about to expire).
That left futures prices down roughly 3.6% for the week. The June contract fell 2.7% over the week.
It was the largest one-week slide since the second week of March.
On the ICE Futures exchange in London June Brent crude, the European benchmark, fell 75USc, or 0.7%, to $US109.58 a barrel. The contract was up 10USc over the week.
Comex gold for June delivery rose $US10.20, or 0.8%, to settle at $US1,300.80 an ounce in New York, which left prices with a weekly gain of around half a per cent.
There was a definite kick up on Friday thanks to the rising tensions in Ukraine.
But they left Comex May silver all but unchanged in New York. It closed at $US19.69 an ounce, up around 0.5% for the week.
Comex copper for May delivery ended less than a half cent higher at $US3.125 a pound, up around 2.6% for the week.
So much for the weak manufacturing data from China – although the two monthly surveys could impact copper prices on Thursday after their release.
And watch coffee prices: our morning lattes, expressos, etc could be about to rise in cost.
Coffee prices hit a 26-month high in London on Friday night, our time, thanks to fears about supplies from leading suppliers such as Brazil and Vietnam.
