News Summary: Commodities Wane Along With Stocks

By The Associated Press

THE PARTY'S OVER: Prices for oil and most metals slipped on Thursday. They'd shot higher the day before, after lawmakers hammered out a compromise budget deal, but by Thursday investors' enthusiasm was cooling.

ABUNDANT OIL?: The government reported that crude supplies are nearly 16 percent above the five-year average, and U.S. production is at its highest point in 19 years. A bigger supply of oil can also send its price down.

PLATINUM SHINES ON: Metals both precious and industrial slipped: Prices for gold, silver, copper and palladium all fell. The exception was platinum, which gained $11.90 to $1,579.90 an ounce.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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