Energy futures fall again as supply concerns weigh
NEW YORK (AP) — Crude oil and other energy futures fell Friday as traders continue to worry about high supply levels.
Oil for December delivery fell $1.77, or 2 percent, to $94.61 a barrel in New York.
Elevated supplies of oil have weighed on the market in recent weeks. The Energy Department said Wednesday that U.S. supplies increased 4.1 million barrels last week. Over five weeks, supplies have risen by more than 25 million barrels.
In other energy futures trading on the New York Mercantile Exchange, wholesale gasoline slipped 4 cents to $2.55 a gallon, heating oil shed 7 cents to $2.88 a gallon and natural gas dropped 7 cents to $3.51 per 1,000 cubic feet.
Metals prices were mostly lower. Gold for December delivery fell $10.50 to $1,313.20 an ounce. December silver fell three cents to $21.837 an ounce.
December copper edged down 0.2 cent to $3.2985 a pound.
December palladium rose $1.45 to $738.25 an ounce. January platinum rose $3.50 to $1,451.90 an ounce.
Crop prices were mixed. December wheat edged up a quarter of a cent to $6.6775 a bushel. December corn lost a penny to $4.2725 and January soybeans fell 14.75 cents to $12.515.
Coffee futures rose for the first time since Oct. 14. The price of coffee has been falling sharply as Brazil seems poised to have a record crop next year. Oversupply concerns have also been stoked by large productions in Vietnam and Colombia.
Raw coffee beans for December delivery edged up 0.15 cent to $1.0555 a pound.