Sponsored by Digital Look Events

Commodities: Oil settles higher

News for Spread Betters

PreviousPrevious
NextNext

There's a new Investor Edition of CMC Markets' spread betting platform... and it's exclusive to DigitalLook.com users...

Get full details about Marketmaker:Investor Edition here. Advertisement

Date: Monday 14 Apr 2008

LONDON (ShareCast) - Crude oil futures settled 3 cents higher as The International Energy Agency cut its global demand estimate.

In its monthly report, out Friday, the agency said the world would consume 87.2m barrels of oil a day this year, down sharply from last month’s forecast of 310,000 barrels.

The report follows statistics from the Energy Information Administration which, earlier in the week, forecast that US petroleum consumption could drop in 2008.

The report cites its forecast on lower economic output expectations in the US and elsewhere.

US light crude oil for May delivery rose 3 cents to settle at $110.14 a barrel on the New York Mercantile Exchange.

Gold futures settled lower Friday, despite a weaker dollar, with COMEX gold for June delivery settling down $4.80 at $927 an ounce.

May silver futures fell 35 cents to $17.69 an ounce while July platinum fell $16.90 to $2,028.10.

Palladium futures rose $6.60 to $475.35 an ounce and May copper futures added 2 cents to settle at $3.94 a pound.