Commodities: OPEC production fears hurt oil
Forecasts revealing a possible reduction in output by OPEC had helped oil prices recover from an earlier slide Thursday in what turned out to be a jumpy session.
US light crude for February delivery ended 18 cents lower at $91.06 a barrel on the New York Mercantile Exchange, but had been as low as $90.57.
A UK-based oil tanker tracking company said oil cartel OPEC’s daily shipments of crude will fall in the month to 5 January form the month before, the first decline it has seen in three months.
The report appeared to dent hopes that the cartel, which controls around 40% of the world's oil production, will raise production when it meets in February.
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Predictions that January will be a warm one in the US had put further pressure on the black gold, with the National Oceanic and Atmospheric Administration forecasting above-normal temperatures from January through March.
On the metal markets, gold eased a little on a stronger dollar, but traders reckon the yellow metal is likely to end the year at or around $800.
Gold for February delivery closed down $2.20 at $803.20 in New York, silver and copper improved, but platinum and palladium both turned lower.
