LONDON (SHARECAST) - Crude oil futures settled lower on Friday after government figures showed a bigger than expected build in crude oil stockpiles.
Worries about weak demand also resurfaced after the Reuters/University of Michigan preliminary index of consumer sentiment decreased to 66 from 70.6 in October. US consumer sentiment in November was the weakest in three months due to worries about unemployment.
The report clouded the outlook for energy demand and sent crude oil for December delivery down 59 cents at $76.35 a barrel on the New York Mercantile Exchange.
A firmer dollar on Friday also pressured oil prices although the US currency remained close to 15-month lows.
Among precious metals gold prices shrugged off earlier weakness to close at a record high.
Gold for December delivery rose $10.10 to settle at $1,116.70 an ounce on the New York Mercantile Exchange. Dollar weakness early in the session boosted demand for the yellow metal.
December silver rose 13 cents to $17.39 an ounce while December copper rose 3 cents to $3 a pound.
