Oil Extends Climb; Gold Prices Fall - TheStreet

Oil Extends Climb; Gold Prices Fall

Exxon Mobil, Chevron and ConocoPhillips are all trading lower.
Author:
Publish date:

Crude oil prices soared yet again Friday amid continued supply worries, while gold took another beating.

Front-month contracts for light sweet crude were tacking on $1.08 at $124.77 a barrel in recent activity on the New York Mercantile Exchange. Earlier in the session, the price hit an all-time high of $126.20 a barrel before pulling back.

"Medium and long-term perceptions of the tightness of oil market balances have worsened," writes the London-based commodities team at Barclays in a recent research report. There has been, "persistently disappointing non-OPEC performance so far in 2008, as well as supply disruptions in various locations, not least Nigeria," the report continues.

The exchange-traded funds that track the commodity,

iPath S&P GSCI Crude Oil Total Return Index

(OIL) - Get Report

and

United States Oil

(USO) - Get Report

, were up about 0.2%.

Among stocks,

Exxon Mobil

(XOM) - Get Report

was losing 1.8%,

Chevron

(CVX) - Get Report

was down 0.7% and

ConocoPhillips

(COP) - Get Report

was weaker by 1.5%.

Halliburton

(HAL) - Get Report

was losing 1.3%, and

Transocean

(RIG) - Get Report

was off 3.9%.

Elsewhere in the commodities complex, gold prices were slipping, with benchmark contracts down $6.10 at $876 an ounce on the Comex division of the Nymex.

The bullion exchange-traded funds, which own bars of solid gold, were dipping also.

streetTracks Gold Shares

(GLD) - Get Report

and

iShares Comex Gold Trust

(IAU) - Get Report

were both down more than 1%.

In currencies, the greenback was falling against the euro, with one dollar selling for $1.544 vs. $1.5404 a day earlier. One dollar was buying 103.21 Japanese yen, down from 104 yen previously. The British pound was selling for $1.9472 vs. $1.9529.

The

CurrencyShares Euro Trust

(FXE) - Get Report

and the

CurrencyShares Japanese Yen Trust

(FXY) - Get Report

were rising 0.4% and 0.9%, respectively. The

CurrencyShares British Pound Sterling

(FXB) - Get Report

was off 0.3%.