Commodities: Crude gives back gains
Crude prices gave back around half the previous session's gains on profit taking, with prices having rallied almost 5% to a two week high Wednesday.
US light crude for January delivery slid $2.14 to $92.25 a barrel on the New York Mercantile Exchange, although it had fallen through $92 earlier on.
A fourth consecutive drop in weekly crude inventories, combined with news that major central banks are teaming up to tackle the credit crisis, had given prices a huge boost midweek.
Experts also pointed to a move by holders of January crude options to push prices above $95 so that bets on oil above that price would be in the money on expiry.
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Meanwhile, Goldman Sachs lifted its average 2008 price forecast for West Texas Intermediate crude to $95 from $85 previously and said the contract should hit $105 by the end of next year.
On the metal markets, gold fell below $800 at one stage Thursday on weaker crude prices and dollar strength following stronger than expected data on wholesale inflation and retail sales.
Gold for February delivery reclaimed the big figure before the end of the session in New York, although it still lost $14.80 to $804 an ounce.
Elsewhere, silver saw 4% of its value disappear, while platinum, palladium and copper also joined the slide.
