LONDON (SHARECAST) - Crude oil futures settled lower Friday as another round of gloomy economic data fuelled expectations that demand will continue to decline.
US October retail sales were the worst since records began in 1992, falling 2.8% during the month, much worse than the 2% expected. The data triggered a big sell-off on Wall Street and exacerbated recession fears.
Crude for December delivery slid $1.20 to close at $57.04 a barrel on the New York Mercantile Exchange. For the week it settled over 6% lower.
According to media reports, the Organization of the Petroleum Exporting Countries is to hold another emergency meeting 29 November in Cairo to discuss another cut in oil production as prices slide.
Speaking on Sunday, OPEC’s president Chakib Khelil's said a further reduction in oil output is not expected this month until the previous cuts are in place and detailed discussions have taken place.
Among precious metals gold for December delivery rose $37.50 to close at $742.50 an ounce on the Comex division of the New York Mercantile Exchange.
The grim economic data and the slide on Wall Street prompted a wave of traders seeking gold’s safe haven qualities. The yellow metal rose despite the dollar’s rise against the euro.
Other metals also enjoyed strong gains with December silver up 69 cents at $9.49 an ounce while January platinum rose $32.10 to close at $845.10 an ounce.
