Oil Falls on Asian Slowdown, European Debt Worries; Gold Lower

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Oil is falling in early morning trade amid concerns about a slowdown in Asian demand as the Bank of Korea raised interest rates on the one hand, and worries about Ireland and the overall financial situation across Europe.

Gold too is weaker as the dollar gained ground. Still, precious metals are seen rising in the longer-term as European finance ministers gather in Brussels to discuss Ireland's sovereign debt crisis and the possibility of providing emergency funds.

At 0750 ET, Brent crude is 1.1% weaker at $88.84 a barrel, while light sweet crude is down 1.2% at $83.81 a barrel, and natural gas is down 0.4% at $3.93 a million British thermal units.

Gold is down 0.7% at $1,359.50 an ounce, while silver is down 2.1% at $25.54 an ounce, and copper is down 1.6% at $3.86 a pound.

Geopak Holdings Ltd ( GPK ) drilled and tested a new well in Chile. The energy producer said that the projected production rate for the well is between 600 and 800 barrels per day.

Abraxas Petroleum Corp ( AXAS ) is down over 5% pre-market on Nasdaq as the company reported a third quarter loss that was worse than expected.

Contango Oil & Gas Co. ( MCF ) is one of three companies that will join the S&P SmallCap Index.

In the mining sector, AngloGold Ashanti Ltd ( AU ) shut down operations at a South African mine after a miner died. The Mponeng mine produced 138,000 ounces of gold in the latest quarter.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: AU , AXAS , GPK , MCF

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