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Oil Drags Other Commodities Down After OPEC

November 29, 2014 at 0:17 by Vladimir Vyun

Crude oil ended Friday’s session with a significant loss as it remained under pressure from the decision of the Organization of Petroleum Exporting Countries. The OPEC, a producer of about 40 percent of world’s oil, decided at its meeting on Thursday to keep output unchanged. This led to the slump of crude that extended to Friday. January futures for WTI crude oil settled 10 percent lower to $66.15 per barrel on NYMEX compared to the November 26 close. There was no floor trading on the New York-based exchange during Thursday due to the Thanksgiving holiday, and all transactions were carried over to Friday. Brent grade of oil slid 3.3 percent to close at $70.15 per barrel on ICE.

Crude oil was not the only commodity that fell after the OPEC meeting. The decision caused a rally of the US dollar, leading to slump of most other raw materials. The spot price for gold demonstrated the first weekly drop in four while copper showed the biggest decline since March. Futures for gold dropped 1.8 percent to $1,175.50 per troy ounce on COMEX. Copper for delivery in three months lost as much as 3.1 percent to $6,351 per metric ton on LME.

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