Oil prices are weaker in early morning trade ahead of the
release of the latest monthly U.S. unemployment data, and traders
take profits from crude's recent gains.
Gold too is lower on profit-taking after extending its record
high Thursday amid growing concerns about inflation. The yellow
metal is seen trending higher in the longer term amid worries that
the Federal Reserve's quantitative easing measures will lead to
At 0745 ET, Brent crude is 0.2% lower at $87.86 a barrel, while
light sweet crude is 0.2% lower at $86.29 a barrel, and natural gas
is up 0.5% at $3.88 a million British thermal units.
Gold is down 0.3% at $1,379.30 an ounce, while silver is down
0.3% at $25.97 an ounce, and copper is up 0.5% at $3.93 a
Royal Dutch Shell plc (RDSA) will sell off holdings in six Gulf
of Mexico oil and gas fields for a total of $450 million. The
holdings will be sold to W&T Offshore Inc (
), an energy producer focused on the Gulf of Mexico. Together, the
fields contain about 27 million barrels of oil and produces 18,000
barrels a day.
The parent company of PetroChina Co. (
), China National Petroleum Corp, said it will continue to process
crude at record levels reached Nov. 3 for the rest of November to
meet increased year-end demand.
Anadarko Petroleum Corp (
) and Woodside Petroleum Ltd (WPL) could be possible acquisition
targets for Australia's BHP Billiton Ltd (
), according to UBS. Thursday, the Canadian government rejected
BHP's $40 billion bid to buy out Potash Corp of Saskatchewan Inc (
In the mining sector, Canada's Alamos Gold Inc (AGI) projected a
rise in fourth quarter production on the back of additional
capacity at its gold recovery plant. Still, the company reported
third quarter revenue falling 17% from a year ago to $34.3 million,
even though its profit rose 38% to $19.5 million, or 17 cents a
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