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Oil: Falls To Lowest Level In Two Weeks

ByICM Brokers
Published 10/23/2012, 06:57 AM
Updated 04/25/2018, 04:40 AM
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Oil fell to the lowest level in two weeks as TransCanada Corp. Planned to restart the Keystone pipeline and on concern that world economic growth is slowing. Prices dropped 1.5 percent as TransCanada said the pipeline will resume sending oil to the U.S. today after a two-day delay. Oil also slipped as Japan’s exports slid 10 percent in September and U.S. stocks tumbled to a five-week low after Caterpillar Inc. Forecast slower sales growth. Crude for November delivery fell $1.32 to $88.73 a barrel on the New York Mercantile Exchange, the lowest settlement since Oct. 3. The contract expires yesterday. December futures slid $1.79, or 2 percent, to $88.65. Front-month futures are down 10 percent this year.
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Gold futures rebounded from a six-week low in New York as physical demand may increase in India, the world’s biggest buyer. India’s imports are set to climb for the first time in six quarters as a decline in domestic prices stokes jewelry and investment purchases before major festivals, according to Bachhraj Bamalwa, the chairman of the All India Gems & Jeweler Trade Federation. Prices also gained as a report showed Japan’s exports fell the most since the aftermath of last year’s earthquake, increasing speculation that the nation will enact more stimulus measures. Gold futures for December delivery rose 0.1 percent to settle at $1,726.30 an ounce on the Comex in New York, after reaching $1,714.40, the lowest since Sept. 7. Prices gained 11 percent in the third quarter after central banks in the U.S., China, Japan and Europe took action to boost their economies.
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