VIENNA, Austria (AP) -- Oil prices rose Thursday after hitting eight-week lows in the previous session on news of increased U.S. stockpiles.
The U.S. Energy Department reported that crude inventories rose 1.9 million barrels to 337.1 million barrels last week, sending light sweet crude down 31 cents to $69.26 a barrel.

The weekly report also said gasoline supplies fell by 5.7 million barrels, nearly 3 percent, to 196.2 million barrels. U.S. refineries lowered production last week by 0.2 percentage points compared to the previous week, running at 91.6 percent of total capacity.

But easing concerns about oil-related damage from Hurricane Dean contributed to a ceiling Thursday on prices.

By midday in Europe, light, sweet crude for October delivery was up by 42 cents, selling for $69.68 a barrel in electronic trading on the New York Mercantile Exchange. October Brent crude rose 25 cents to $68.95 a barrel on the ICE Futures exchange in London.

Traders were also monitoring Hurricane Dean, which hit the Mexican mainland for a second time Wednesday after striking oil platforms in the Gulf and forcing thousands to flee.

Dean made landfall Wednesday near the port of Tecolutla in Veracruz state on the central Gulf coast as a Category 2 hurricane with maximum sustained winds

NEW YORK (AP) -- Oil and natural gas prices fell Monday as Hurricane Dean headed toward Mexico's Yucatan Peninsula and away from the U.S. energy facilities along the Gulf Coast.

A few companies evacuated some rigs and suspended production, but it didn't appear that the storm would cause much damage to operations in the United States. As supply worries faded, concerns about the battered stock market's drag on global demand came to the forefront once more.

Though the Federal Reserve boosted stocks Friday when it cut the rate it charges banks by a half percentage point, Wall Street waffled Monday on continuing credit worries, keeping alive fears that investors may need to liquidate more assets to cover losses and that a cooling economy may dampen energy demand.

Many speculative investors -- those looking to make fast money, as opposed to commercial investors who use the market to hedge their interests -- have exited the market, said Wachovia Corp. economist Jason Schenker. He added

Oil prices fell Wednesday as traders awaited the release of a U.S. government fuel stocks report expected to show gasoline inventories rose last week.

The data was expected to show another drop in crude oil inventories, but increases in both refinery activity and gasoline supplies, according to a Dow Jones Newswires survey of analysts.

Light, sweet crude for September delivery dropped 37 cents to $72.05 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract had risen 36 cents to settle at $72.42 a barrel on Tuesday.

September Brent crude fell 26 cents to $71.54 a barrel on the ICE Futures exchange in London.

Oil futures were supported by news that ConocoPhillips shut down gasoline-producing equipment at two refineries, one in New Jersey and the other in Pennsylvania. One of the refineries, at Linden, New Jersey, was expected to be online Friday,

NEW YORK (AP) -- Oil and gasoline futures plunged Monday on concerns about the economy's health and as investors sold to lock in profits from last week's record-setting rally.
September oil fell more than $3 a barrel, and gas futures slid more than 10 cents to settle below $2 a gallon. Both contracts extended declines that began Friday after the government issued weaker-than-expected employment numbers. That data added to the sentiment of a series of other government reports analysts say suggest the economy might be slowing.

"The weaker ... numbers are raising the prospect of softening U.S. commodity demand in general, and energy demand in particular," wrote MF Global UK Ltd. analyst Ed Meir in a research note.

But investors are also taking profits from the rally that sent oil prices to record levels last week, analysts said.

"It's all related to the (investment) funds dumping a portion of their long holdings," said Jim Ritterbusch, president of

VIENNA, Austria (AP) -- Oil prices slipped Friday on mixed interpretations of U.S. fuel stocks data. Still, perceptions that the market was undersupplied pointed to continued near-term upward pressure.

Light, sweet crude for September delivery fell 29 cents to $76.57 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract added 33 cents to settle at $76.86 a barrel Thursday.

September Brent crude dropped 15 cents to $75.61 a barrel on the ICE Futures exchange in London.

Analysts say energy investors are split over the meaning of Wednesday's weekly inventory report from the U.S. Energy Department's Energy Information Administration. The report showed crude oil stocks declined 6.5 million barrels last week, far more than the 690,000-barrel decline analysts surveyed by Dow Jones Newswires had expected.

The report also showed a steep jump in refinery activity and an increase in gasoline inventories. The build in gasoline stockpiles was particularly significant in that it

VIENNA, Austria (AP) -- Oil prices moved lower Thursday after a roller-coaster session the previous day during which prices hit a new intraday record, later tumbling.

The downward trend appeared linked to higher-than-expected refinery utilization, which eased worries of gasoline shortfalls during the high-demand summer driving season in the United States.

Light, sweet crude for September delivery lost 78 cents to $75.75 a barrel by noon in Europe in electronic trading on the New York Mercantile Exchange.

The contract fell $1.68 to settle at $76.53 a barrel Wednesday after rising as high as $78.77 earlier in the session -- surpassing the previous intraday record of $78.40, set in July 2006.

Prices initially climbed higher again Thursday after the U.S. Energy Department's Energy Information Administration reported that oil inventories fell by 6.5 million barrels last week, far more than the 690,000 barrel-decline analysts

NEW YORK (AP) -- Gold prices fell Monday in tandem with the rising U.S. dollar as some traders decided to cash in some of their profits from the metal's big advance last week.
Other commodities markets also backtracked as crude oil and gasoline prices fell and industrial metals weakened. Agriculture futures finished mixed.

Silver and platinum joined gold in its slide.

Tom Pawlicki, analyst with Man Financial Global Research in Chicago, attributed gold's decline to profit-taking after the metal's price rose above key resistance levels last week. When a commodity reaches a certain price level considered a key breaking point, it can trigger mass buying or selling of a commodity due to the widespread use of computer-programmed trading.

The drop follows a more than $17 jump in prices last week amid substantial declines in the U.S. dollar. Although the

AP
Soybean, Corn Prices Down, Livestock Up
Monday July 23, 3:53 pm ET
Soybean, Corn Futures Decline on the Chicago Board of Trade

CHICAGO (AP) -- Soybean futures finished sharply lower Monday on the Chicago Board of Trade.
Wheat for September delivery rose 4 cents to end at $6.2025 a bushel; December corn shed 8 cents to close at $3.255 a bushel; December oats ended up 1.25 cents at $2.45 a bushel; November soybeans tumbled 34.25 cents at $8.41 a bushel.

Beef and pork futures closed higher on the Chicago Mercantile Exchange.

August live cattle added 1.15 cents to 91.97 cents a pound; August feeder cattle rose 1.2 cents to $1.167 a pound; August lean hogs picked up 0.68 cent to 74.55 cents a pound; August pork bellies increased 2.45 cents to 89.7 cents a pound.

NEW YORK (AP) -- Gas prices dropped below a national average of $3 a gallon over the weekend, while energy futures had their own decline Monday on suggestions that OPEC may increase its output.
Hasan Qabazard, research director of the Organization of Petroleum Exporting Countries, told Dow Jones Newswires he thinks oil is fairly valued at $60 to $65 a barrel, leading some to conclude the cartel may be open to reversing its long-held position that oil supplies are adequate.

"I'm shocked, they had a sudden change of heart," Phil Flynn, an analyst with Alaron Trading Corp. in Chicago, said of OPEC.

The resumption of exports at a key Angolan oil facility also weighed on prices.

Light, sweet crude for September delivery dropped 90 cents to settle at $74.89 a barrel on the New York Mercantile

NEW YORK (AP) -- A barrel of crude oil tipped over $75 a barrel to an 11-month high on Tuesday, then gave up its gains as some traders took profits and gasoline futures fell back.

Relatively robust energy prices and a weak dollar helped float gold higher.

Oil prices that had already risen recently on world political concerns and U.S. supply questions rose further Tuesday, moving as high as $75.35 amid speculative buying, analysts said. Crude is at its highest levels since August 2006.

"I think it was too much too soon," said Phil Flynn of Chicago's Alaron

North American hog prices have likely seen their highs for the year, and should see a steady decline into the winter, according to a market analyst. However, weather conditions and the outcome of the US corn crop could cause prices to see some movement apart from the general downward trend.

"The highs for the year are probably behind us," said Ron Plain, a livestock economist with the University of Missouri-Columbia. He said the seasonal trend was for prices to decline after June, with lower prices each month until December, when the market typically starts to pick back up.

Large US pork supplies, coupled with the slower pace of US pork exports this year should add to the seasonal pressure on the hog market, said Plain. He thought the US would need to see better exports if prices were to see an improvement.

Hot weather over the next couple of months could also help underpin the hog market, said Plain noting that hot weather causes hogs to grow slower and pulls down pork production.

Thieves are breaking into vacant houses in North Minneapolis and St. Paul to steal copper plumbing and wiring. Similarly, electric lines are disappearing in the Dominican Republic and other developing countries. High metals prices are affecting economies around the world, offering myriad applied economics lessons.

Prices certainly have increased, particularly for nonferrous base metals like copper, lead, tin and zinc. All have at least tripled since 2000, more than steel or even crude oil. The booming economies of China and other Asian nations drive much of the demand.

Commodity prices still play an important role for many developing countries. Metals exporters like Chile, Zambia, Peru, Malaysia and Russia all enjoy booming international sales that broadly bolster their domestic economies. The question is whether this favorable situation will translate into longer-run sustained growth or be dissipated in short-run spending binges.

High metal prices also demonstrate how recycling, broadly defined, relates to prices of virgin materials. Consumers envision recycling as putting empty cans and bottle out on the curb. But in tonnage and dollar terms, most recycling occurs at a commercial level.

South Korean oil workers
The world's thirst for oil is only likely to grow
Global demand for oil will increase significantly next year, according to the International Energy Agency (IEA), putting further pressure on prices.

In its monthly study of market trends, the IEA said demand would rise by an average of 2.2 million barrels a day next year, up from 1.5 million in 2007.

But it expects Opec members to lift output to cover the surge in demand.

Oil prices have surged in recent weeks, topping $76 a barrel, on supply worries and violence in oil-rich Nigeria.