Oil, Gold, Copper Led Commodities Lower

  Oil, gold and copper took much of the brunt of selling Friday in commodities & #160;as shares wobbled and the US dollar rose.Oil & #160;prices fell more than 3% to & #36;US77 a barrel on Friday, copper lost 2.4% and gold & #36;US6 an ounce.That reversed the 3% rise on Thursday in the wake of the first reading on US economic growth for the third quarter.Nymex & #160;crude December delivery fell & #36;US2.87 to settle at & #36;US77 a barrel. In London, Brent crude lost & #36;US2.84 to settle down at & #36;US75.20 a barrel.The fall in US & #160;consumer sentiment & #160;in October was confirmed, while consumer spending fell sharply, the biggest fall in 9 months and again reminded investors of the precariousness of some stock valuations and the limited good news from the third quarter growth figures.Rising expectations of growth, the weaker dollar and confidence the markets are still doing well, pushed oil prices up 9% last month after they had spent most of the northern summer trading in a narrow range.Comments from major oil groups, Exxon Mobil, Shell and ENI (the Italian oil giant) late last week & #160;that sluggish economic recovery was weighing on energy demand and prices, was also a factor in the weakness Friday.But the big drivers were from the concerns that the US growth recovery is not certain (despite the third quarter figures) & #160;and that this week's Fed meeting might reveal plans to take away the punch bowl from the party by revealing a time frame to lift interest rates.But despite the varying weekly reports on US oil and product stocks, there's an awful lot of oil and product being stored outside the US, with estimates of 80 million barrels or more in tankers & #160;moored in various locations around the US, Europe and Asia.American markets shrugged off the news Thursday that Saudi Arabia will abandon the Nymex WTI oil contract as a benchmark for pricing most of its crudes.  

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