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Commodities: Crude flat after two-day rout

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Date: Thursday 10 Jul 2008

LONDON (ShareCast) - Crude prices settled flat Wednesday following a two-day sell-off as news of Iran’s missile tests rattled market confidence.

Traders are concerned that increased tensions between Iran and the West could hamper oil supplies from the oil rich country.

Crude for August delivery settled just 1 cent higher at $136.05 a barrel on the New York Mercantile Exchange.

Meanwhile the government's weekly report on oil inventories showed crude stockpiles fell more than expected last week. The Energy Department said crude stocks fell by 5.9m barrels bigger than the 1.9m barrels pencilled in by analysts.

Gasoline inventories came in better than expected however, up by 900,000 barrels for the week. Analysts were expected a 500,000 barrel gain.

Gold futures ended enjoyed decent gains Wednesday, with August’s contract settling $5.30 higher at $928.6 an ounce.

Silver for September delivery rose 22 cents to $18.18 as precious metals generally recovered from the previous day’s rout.

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