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Commodities: Oil back below $100

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Date: Wednesday 05 Mar 2008

LONDON (ShareCast) - Crude oil futures fell back below $100 a barrel ahead of Wednesday’s updates on US inventories which are expected to show an increase in stockpiles for the eighth week in succession.

The oil price was further undermined by the Organisation of Petroleum Exporting Countries (OPEC) indicating it would leave production unchanged.

OPEC's president, Chakib Khelil, said the oil cartel was concerned about the effect of rising oil prices on the US economy.

Crude for April delivery eased $2.93 to $99.52 with some dealers saying there was evidence of profit taking.

Profit takers were also in evidence on the gold market, as the price of the yellow metal slipped, with gold for April delivery down $17.90 to $966.30 an ounce. On Monday gold had hit a record intra-day high of $992.

Platinum was in demand, with the April futures contract at one point hitting an all-time high of $2,308.80 an ounce before falling back to $2,267, up $25.40 on the day. Silver, palladium and copper all headed lower.