November 4, 2004
By Kevin Morrison
Financial Times
Gold prices moved higher on Thursday, breaking through 16-year highs as the dollar continued to weaken. Bullion was quoted at $432.50/$433.00 a troy ounce in afternoon trading.
Crude oil futures eased following the $1 rise in the previous session after President George W. Bush’s confirmed re-election victory overshadowed a rise in commercial crude inventories, and supply concerns were revived.
Traders said Mr Bush’s victory was likely to re-ignite fears about security of oil supplies in the Middle East and added that a Bush administration was likely to fill the US strategic petroleum reserve at current market prices.
IPE Brent crude futures for December delivery slipped 5 cents to $47.40 a barrel in early morning London trade, partly reversing the $1.01 gain on Wednesday.
Nymex WTI for December delivery was quoted 12 cents lower at $50.76 a barrel in electronic trade, following an advance of $1.26 in the previous session.
The Energy Information Administration, an arm of the US energy department, said on Wednesday that crude inventories rose by 6.3m barrels from the previous week, with most of the increase in the Gulf coast region, which is returning to normal operations following the damage of Hurricane Ivan in September.
The report showed a sharp increase in oil imports, which reached 10.7m barrels a day in the week to October 29.
London cocoa futures jumped more than 3 per cent after news that Ivory Coast’s army attacked rebel territory prompted speculative interest and set off buy stops, traders said.
Liffe’s benchmark December contract changed hands at £854 a tonne, after earlier reaching £864.
http://www.washingtonpost.com/wp-dyn/articles/A23620-2004Nov3.html