Commodities: Prices slip on dollar strength

Date: Friday 05 Mar 2010

Oil prices ended the session lower in New York Thursday but above $80 a barrel following a better than expected weekly jobs report.

The April contract fell 66 cents to $80.21 after the number of people filing first time jobless claims dropped by 29,000 last week to 469,000. The four-week average of initial claims also fell.

Traders also liked news that US retailers are doing well, which they hope will feed through to demand for the black gold. Wal-Mart Stores upped the dividend by 11%, while others beat targets.

But a stronger dollar meant commodity prices fell across the board.

Gold weakened, pulling back from its highest levels since mid-January to finish down $10.20 an ounce at $1,133.10.

The greenback benefited from doubts about whether Greece’s austerity measures aimed at slashing the country’s deficit will actually work. Unions plan strikes for Friday.

Copper prices hit the skids, losing some of the big gains made since the recent earthquake in Chile.

Platinum for April delivery was flat, while palladium improved and silver fell.

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