Oil falls to six-week low

AP News
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Posted: Mar 29, 2012 6:34 PM
Oil falls to six-week low

The price of oil fell to a six-week low Thursday after the prime minister of France said there was a "good chance" that the U.S. and Europe will agree to release some of their oil reserves.

Oil ended the day at $102.78, down $2.63.

The White House has not signaled plans to draw from the country's oil reserves. President Barack Obama's plea to Congress to end $4 billion in tax subsidies to oil companies was rebuffed Thursday by the Senate.

Platinum fell $12.30 to $1,628.30 per ounce. Palladium fell $2.80 to $644.55 per ounce. Copper rose 0.4 cents to $3.7965 a pound.

Silver, which can be traded as both a precious metal and an industrial metal, rose 16 cents to $31.99 per ounce. Gold fell $5.70 to $1,652.20 an ounce.

In May agricultural contracts, wheat fell 18.25 cents to $6.1250 a bushel. Soybeans dropped 12 cents to $13.5550, and corn lost 16.25 cents at $6.0400 a bushel.

Cotton for May delivery was down about half a cent at 93.54 cents per pound. Sugar rose, up 0.34 cent to 24.60 cents per pound.