Oil fell for the first time in eight days on concern that European governments are not doing enough to tackle the debt crisis worsened, increasing speculation that crude oil demand will slip.

Prices fell from a high level two months after the Spanish borrowing costs rose to a record after the euro zone finance ministers gave final approval to the Spanish banking bailout. The dollar rose to its highest level in two years against the euro and U.S. equities dropped for the first time in four days.

Crude oil for August-2012 delivery fell 1.5 percent, or $1,41 , to $91.25 a barrel at 11:30 am to noon at the NYME (New York Mercantile Exchange). Crude Oil closed at its top level since 16-May in the last session, complete the successive increases in the last seven days, the longest hike since 24-February. Crude Oil prices are still down 7.7 percent this year.

Brent crude oil for September-2012 fell $ 1.32, or 1.2 percent, to $ 106.48 per barrel on the ICE Futures Europe Exchange, based in London.

Area zone finance ministers approved plans for the Spanish banking bailout of 100 billion euros, equivalent to $122 billion. The decisions taken today opened the way for the first payment of temporary European rescue fund, the European Financial Stability Facility.

Gold

Gold contract will be ended down 0.7% to $ 1,741.75 per ounce, its lowest since 26 September before being traded at $ 1,744.10 in Singapore. December gold futures contract fell 1% to $ 1,742.60 on the Comex in New York, also the lowest level since September 26.

Cash gold in Shanghai Gold Exchange was down 1.5% to 352 yuan (56.2 U.S. dollars) per gram. Spot silver fell 1.4% to $ 33.05 per ounce, the lowest since Sept. 13. Platinum contract coming to an end down 1.1%% to $ 1.6233,50 per ounce, the lowest since September 27 and traded at $ 1,640.50. Palladium was 0.2% higher than $ 636 per ounce after declining 0.6% to $ 630.50, the lowest since Oct. 1.

Oil

Oil futures contract fell 0.9%. Iran is ready to talk about its nuclear program in exchange for guarantees to get stock of 20% enriched uranium for the Tehran Research Reactor, according to Ramin Mehmanparast, a spokesman for the Foreign Ministry, as reported by Press TV yesterday. The European Union reached a preliminary agreement to increase sanctions to increase pressure on Iran to reduce its nuclear program, according to an EU diplomat who know it.

Crude oil for November delivery fell 79 cents to $ 91.07 a barrel on the New York Mercantile Exchange of $ 91.19. On 12 October, the contract fell $ 91.86. Throughout this year the price contract has shrunk 7.7%. November Brent oil contract fell 62 cents to $ 114 per barrel in London. The European benchmark contract versus $ 22.81 to West Texas.

Gold

Gold as an inflation hedge had moved into the area as investors reacted to positive U.S. data showed producer inflation rate accelerated more than forecast in September. But then corrected and toward a weekly drop of 0.8%, the biggest weekly decline since August 5. “Gold needs support, which may in the short term is at $ 1.750, but I think there is no reason for gold to go down to the bottom level,” said James Steel of HSBC.

Oil

Oil futures contract rose 0.6% and moved closer to its first weekly gain in a month. US jobless claims fell to 339,000 reported last week, according to US Labor Department data.

Crude oil for November delivery rose 53 cents to $ 92.60 a barrel on the New York Mercantile Exchange of $ 92.38. Yesterday, the contract rose 82 cents to $ 92.07 a barrel. Throughout this year, oil prices fell 6.5%.

November Brent contract fell 9 cents to $ 115.62 per barrel in London. The European benchmark contract versus $ 23.24 to West Texas.

Oil

Oil was little changed after rising 0.9 percent in the session yesterday. Initial jobless claims fell to 339,000 last week, the lowest level since February 2008, according to Labor Department data. Brent oil traded near the highest margin in the year against West Texas Intermediate after Turkey said Syria has banned planes fly due to load ammunition. OPEC production fell to an eight-month, the International Energy Agency said today in its monthly oil market report.

Crude oil for November delivery was at $ 92.05 a barrel in electronic trading on the New York Mercantile Exchange, down 2 cents. The contract yesterday rose 82 cents to $ 92.07. Oil prices rose 2.4 percent this week and down 6.9 percent this year.

Brent oil for November delivery on the ICE Futures Europe exchange based in London fell 89 cents to $ 114.82 per barrel. Trade gap between Europe European crude benchmark WTI oil amounted to $ 22.82, down from $ 23.64 in the session yesterday, the biggest margin since October 2011.

Gold

Gold seems to really enjoy what the decision of the Federal Reserve at the end of September last, and with two weeks to go until the next FOMC meeting, some market participants seem have decided to take profits first.

Most market participants are still seen as a consolidation of the current state, and they also do a test market to assess the extent to which this trend will last. Psychological level in the area of $ 1.750 – $ 1.800 a crucial pre-determined levels rise further or deeper correction.

Given these uncertainties, some of which want to reduce risk at the weekend finally opted to take profits while. Surely the market pending more convincing than Spain over bailouts and how the continuation of Greece in implementing policies to address the debt crisis.

Separately, the Credit Suisse has raised its forecast for gold prices in 2013 and 2014, seeing the potential for further quantitative policy which can be added again by the United States as well as a possible increase in demand for physical gold by China and India, the investment bank raised its forecast for gold prices in 2013 could reach $ 1.840 per ounce, up 7%.

Observed so far gold prices for December contract fell -0.14%, at $ 1,774.88, after reaching its highest point at $ 1,783.18 and an intraday low of $ 1,769.83 daily.

Factors strengthening dollar due to risk aversion of investors has led to the correction of gold today, following poor U.S. economic data released include personal income slowed to 0.1%, Chicago PMI index fell to 53.0 and 49.7 compared to previous U.S. consumer sentiment fell to 78.3 compared to 79.2 previously.

Technically, the intraday bias to bearish testing the 1765 area, before eyeing strong support at around 1759. On the upside, resistance closest look at the area in 1780, again through the above area should be able to change the intraday bias to bullish target at the range the next resistance target of 1786.

Gold

In trading on the Comex division of the New York Mercantile Exchange, Gold futures for December delivery traded at $ 1,780.15 per ounce, down 0.01%. Gold could touch the top level before the session at $ 1784.65 per ounce.

Investors are anticipating the release of a number of U.S. economic data, with the hope of economic recovery may boost demand for the precious metal.

Meanwhile, the Spanish government yesterday announced a draft budget for 2013, with the largest base of spending cuts, which is regarded by many analysts as an attempt to gain an international bailout.

The dollar index, which records trade the greenback against six major currencies, traded down 0.01% to as low as 79.61.

On the last trading day of the third quarter, the corrected thin gold after winning the 7-month highs but still in positive territory during the third quarter.

Observed so far gold prices for December contract fell -0.14%, at $ 1,774.88, after reaching its highest point at $ 1,783.18 and an intraday low of $ 1,769.83 daily.

In other metals trading on the Comex, silver for December delivery rose 0.23% to trade at the level of $ 34.745 per ounce while copper for December delivery rose 0.23% to as low as $ 3.755 per pound.

Oil

Oil futures contract rose 0.6% after rising 2.1% yesterday, the most since the last eight weeks. Purchases of U.S. households is expected up 0.5% last month after rising 0.4% the previous July, according to a Bloomberg survey. Spain promises budget cuts also provided positive sentiment.

Oil contract prices for November delivery rose 54 cents to $ 92.39 a barrel on the New York Mercantile Exchange of $ 92.16. Yesterday, the contract rose $ 1.87 to $ 91.85. Throughout this month the price has dropped 4.5%.

November Brent oil contract rose 12 cents to $ 112.13 per barrel in London. European Contract versus $ 19.97 premium to West Texas. OPEC will reduce exports to 23.66 million barrels per day for four weeks starting October 13.