Commodities: OPEC meeting hits snag as Iraq and Iran refuse to cut

News that the US Federal Bureau of Investigation had reopened an investigation into the use of unauthorised electronic mail servers by ex-Secretary of State Hillary Clinton sent the green back rapidly lower and in turn put an unexpected bid into precious metals.

As of 1856 BST, December 2016 gold futures on COMEX were advancing by 1.08% to $1,283.207oz, alonsgide a jump of 1.34% in silver to 1.34%.

Soon afterwards traders screens were filled with alerts that a technical meeting of the Organisation of Petroleum Exporting Countries had reached an apparent impasse as Iraq and Iran refused to freeze their respective level of crude oil production.

That sent front month Brent crude oil futures immediately lower by 1.39% to $49.77 a barrel and those for West Texas Intermediate by 1.53% to $48.96.

Bloomberg´s commodity index slipped 0.33% to 85.93 while the US dollar spot index was down by 0.56% to 98.34.

On a related note, Brazil was due to attend OPEC´s meeting in Vienna on Saturday as the oil cartel seeks to enlist the help of outside producers.

In other developments, the number of US onshore oil rigs in operation declined by two in the latest week to reach 441, that was 137 less than the number that was active one year ago.

Natural gas futures on NYMEX were the exception, rising 0.98% to $3.10/MMBtu while November 2016 RBOB gasoline futures gave back 1.30% to $1.4677 a gallon and similarly-dated heating oil futures retreated 1.85% to $1.5410 a gallon.

Spot platinum was 2.20% higher to $985.50/oz..

Agriculture futures gave back back some of the previous session´s gains, with December 2016 corn futures off 0.70% to $3.55 a bushel with wheat losing 1.63% to $4.0775.

Bulk metals were generally higher, with copper futures on COMEX gaining 1.41% to $2.1940 a pound.