Canadian Packaging

Crude oil hits one-month low


January 26, 2010
by Propurchaser

Crude oil for March delivery fell $1.54 (two percent) to close at $74.54 a barrel in New York on Friday, as equities fell and the US dollar continued to rise.

Distillates including diesel and fuel oil also closed down about two percent.

In London, Brent Crude for March delivery declined by $1.75 (2.3 percent) to close at $72.83 a barrel.

Metals drop as well

The stronger US dollar and falling equity markets also exerted downward pressure on LME metals on Friday. At the close of morning-bell trading, metals for delivery in three months were trading as follows:

•    Nickel was down $390 (2.1 percent) at $18,510 per metric ton ($8.40 per pound);

•    Aluminum was down $38 (1.7 percent) at $2,220 per metric ton ($1.01 per pound);

•    Zinc was down $126 (5.4 percent) at $2,344 per metric ton ($1.06 per pound); and

•    Lead was down $47 (two percent) at $2,247 per metric ton ($1.02 per pound).

This update was provided by Propurchaser.com. For-up-to-date commodity information and analysis in areas such as metals, natural resources and energy visit www.propurchaser.com/pb2b.

Purchasingb2b readers enjoy an extended 45-day free trial membership.