Crude Oil
WTI for January delivery was 1 cent lower at $75.77 a barrel in electronic trading on the New York Mercantile Exchange. It lost 73 cents to $75.78 yesterday. The volume of all futures traded was about 41 percent below the 100-day average. Prices have decreased 23 percent this year. OPEC pumped 30.97 million barrels a day in October, exceeding its collective output target for a fifth straight month, according to data compiled by Bloomberg. Action must be taken to boost prices because current levels are unacceptable, Iraqi Oil Minister Adel Abdul Mahdi said yesterday. The proposal to spare Iran, Iraq and Libya from supply cuts is one of several being discussed as they’re pumping below potential, said the two people, who asked not to be identified in line with their national policies. The three countries produced almost 7 million barrels a day last month, compared with a 1970s peak of more than 10 million, data compiled by Bloomberg show.
Gold
Gold traded below the highest level in three weeks as investors weighed expectations for higher borrowing costs in the U.S. against global stimulus undertaken to spur economic growth. Bullion for immediate delivery traded at $1,197.99 an ounce today from $1,197.14 yesterday. The metal climbed on November 21 to $1,207.93, the highest since October 30, as China joined Japan and Europe in taking steps to boost growth. Gold is on course for the first back-to-back annual drop since 2000 as the Federal Reserve moves toward raising interest rates, while other central banks add to monetary easing. China last week cut interest rates for the first time since 2012 after the Bank of Japan boosted its unprecedented stimulus last month. Since June, the European Central Bank has cut rates, offered long-term loans to banks and bought covered bonds and asset-backed securities. Gold for December delivery traded at $1,198.10 an ounce from $1,196.60 yesterday.
