Oil Falls as China Crude Imports Fall; Gold Down on Profit-Taking from Record Highs

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Oil prices are lower in early morning trade ahead of the release of the latest weekly crude inventories data, with many analysts expecting stockpiles to increase. China reported October crude imports falling from their record highs in September. Still, Goldman Sachs stated in a report that it sees oil prices considerably higher from current levels by 2012.

Gold is falling on profit-taking, having reached record highs in the previous session. Yet the yellow metal too is expected to trend higher in the longer term amid persisting global uncertainties and sluggish demand.

At 0755 ET, Brent crude is down 0.3% at $88.03 a barrel, while light sweet crude is down 0.4% at $86.39 a barrel, and natural gas is up 0.5% at $4.23 a million British thermal units.

Gold is down nearly 1% at $1,386.70 an ounce, while silver is down 4.9% at $27.50 an ounce, and copper is down 1.7% at $3.97 a pound.

The energy exploration arm of China National Petroleum Corp., PetroChina Co. ( PTR ), and Royal Dutch Shell plc (RDSA) have signed an agreement to study energy projects in Canada and China. Specifically, the two companies will jointly evaluate the Daning coal bed methane block in the Ordos basin of Inner Mongolia as well as in Canada.

Gastar Exploration Ltd ( GST ) will buy 59,000 acres in the Marcellus shale from an undisclosed seller. In September, Atinum Partners had sold half its interest in the shale to a unit of South Korean investment group Atinum Partners for $70 million.

Savanna Energy Services Corp (SVY) returned to the black in the third quarter as its operations in North America recovered. Earnings reached 1.2 million Canadian dollars, or 2 Canadian cents, compared to a loss of 4.5 million Canadian dollars, or 6 Canadian cents. Analysts had expected earnings of 2 Canadian cents a share.

In the mining sector, AngloGold Ashanti Ltd ( AU ) sold its 10.17% stake in Canada's B2Gold Gold Corp ( BTO ). The money raised will be used to fund AngloGold's exploration activities in Colombia, including its joint venture project with B2Gold.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: AU , BTO , GST , PTR

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