Friday, January 3, 2014
Oil prices fell Friday, extending a weeklong slump as traders worried about ample supplies and a rising dollar.
Gold and silver futures rose Friday, as did agricultural contracts.
U.S. benchmark oil for February delivery fell $1.48 to close at $93.96 a barrel in New York.
The price has fallen 6.4 percent the past week. Oil closed above $100 last Friday for the first time since October.
U.S. oil production is rising dramatically, and there is a chance that additional sources of crude may soon be available.
On Thursday, protests reportedly ended at one of Libya's largest oil fields, which could allow the field to restart production and bring even more supply to the market.
A rising dollar has also weighed down oil prices. A stronger dollar makes commodities such as oil that are priced in dollars more expensive for buyers using other currencies.
In other energy trading, wholesale gasoline fell 4.6 cents to close at $2.649 a gallon, natural gas fell 1.4 cents to close at $4.282 per 1,000 cubic feet and heating oil fell 4.8 cents to close at $2.939 a gallon.
In metals trading, February gold rose $13.40, or 1.1 percent, to $1,238.60 an ounce. March silver edged up 8.3 cents, or 0.4 percent, to $20.211 an ounce.
Platinum for April delivery rose $9.60 or 0.7 percent, to $1,414.20 an ounce. Palladium for March delivery rose 95 cents, or 0.1 percent, to $731.20 an ounce.
Copper for March delivery fell 2.65 cents, or 0.8 percent, to $3.355 a pound.
Agricultural contracts rose. Wheat increased 8.75 cents to $6.0575 a bushel, corn rose three cents to $4.235 a bushel and soybeans rose 1.25 cents to $12.7125 a bushel.