CRUDE OIL FUTURESCrude oil futures finished in the red today, as downbeat consumer sentiment statistics negated hopes for escalating global oil demand. More specifically, the International Energy Agency (IEA) today echoed recent forecasts from the Organization of Petroleum Exporting Countries (OPEC) and the U.S. Energy Information Administration (EIA), boosting its outlook for global oil demand this year. The IEA estimated a year-over-year contraction of 1.2 million barrels per day in 2009, but said it expects year-over-year demand to rise by 1.6 million barrels per day in 2010, thanks to growth in Asia.
Nevertheless, by the close, crude oil for April delivery surrendered 16 cents, or 0.20%, to settle at $81.06 per barrel. For the week, the front-month contract slid 0.87%.
GOLD FUTURESGold futures also took a hit on the day's consumer sentiment data, which exacerbated concerns that China will take additional steps to curb lending. As such, April-dated gold futures gave up $0.30, or 0.03%, to finish at $1,101.20 an ounce.
For the week, the front-month contract backpedaled 2.94% or down -33.00.
Elsewhere in the metals pits, copper futures bucked the trend, ticking higher for the second straight session following earthquake aftershocks in Chile, the world's largest copper producer.
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