Crude futures hit fresh five-year lows

Traders seemed hell-bent on Monday on testing how low they could push crude futures ahead of the year-end.

Market overview: Stocks higher despite drop in Brent futures

1630:Close UK shares ended the session slightly higher, in holiday-thinned trading volumes, with few traders at their desks despite the raft of US data due out tomorrow. Precious metals miners and some commodity plays did worst as oil and gold prices headed lower. By the end of trading gold futures were to be seen down by 1. 25% at $1,181 per ounce on COMEX. Over on the ICE, front month Brent crude futures dropped 1. 88% to finish at $60. 26 per barrel. FTSE 100 up 31 points to 6,577.

Iran lowers price on shipments to Asia, sending Brent lower

Brent crude has fallen below $60 a barrel for the first time since July 2009 amid reports Iran has lowered its January prices for oil shipments to Asia.

Sector movers: Miners lead losses on weak outlook for prices

A renewed drop in oil prices coincided with a renewed bout of selling in equities across the globe.

Oil prices rise amid stifled Libyan export capacity

Oil prices made a modest come back on Monday as armed clashes in Libya during the weekend disrupted about half of the country’s crude export capacity.

Evraz delays IPO of North American unit

The biggest steel maker in Russia, Evraz, has shelved plans for an initial public offering (IPO) of its North American unit, due to the drop in the price of oil.

Commodities: Oil drops after IEA slashes demand forecasts

Front month West Texas crude futures again saw very large losses at the end of last week, dropping 4. 10% to hit $57. 49 per barrel on the NYMEX.

Commodities: Chinese State Reserve board has been purchasing copper

Commodities were spared the selling pressure seen in other asset classes on Tuesday, although they had borne the brunt of losses over recent weeks.

OPEC may hold an emergency meeting before June, Algeria says

Many petroleum exporting countries are already feeling the pain of the recent drop in oil prices, leading some market observers to speculate that even Gulf producers.

DoE slightly reduces forecast for US oil production next year

US oil production will be slightly lower than previously projected next year, but so too will the average price of retail gasoline prices Stateside.

West Texas crude futures finish at $63.05 per barrel, lowest since July 2009

Morgan Stanley sees further downside risk for Brent crude

Things are likely to get worse before they get better in the oil market, according analysts at Morgan Stanley who slashed their forecasts for the commodity's price next year.

Commodities: Copper and oil futures slip as US dollar gains

The commodities complex saw selling pressure on the last day of the week despite a stronger than expected report on the state of US labour market, possibly as the American currency pushed higher in its wake.