Crude oil futures skidded to the lowest level in nearly two weeks on Friday on worries about global oil demand.

Oil for November delivery, which expired at the end of the week, dropped $2.05 to settle at $90.05 a barrel on the New York Mercantile Exchange and briefly traded below $90 earlier in the session.

Prices mirrored weak equities after sentiment was hurt by a string of disappointing updates from bellwethers such as Microsoft, McDonald's and General Electric. All issued results below market expectations, sparking jitters about the outlook for some of the nation's biggest companies.

Economic data also disappointed with US existing home sales down 1.7% in September to an annual rate of 4.75m. Analysts had pencilled in a rate of 4.8m.

The stronger dollar also hurt interest in oil as it makes it more expensive for holders of other currencies.

Focus was also on the closure of the Keystone pipeline, which runs from Canada to the Midwest, as it investigates whether repairs have to be carried out.

On the ICE Futures exchange Brent crude for December delivery declined $2.28 to $110.14 a barrel.

Among precious metals gold plunged over $20 on Friday as the stronger dollar eroded the yellow metal's appeal.

Gold for December delivery lost $20.70 to settle at $1,724 an ounce on the Comex division of the New York Mercantile Exchange.

Silver for December fell 77 cents to settle at $32.10 an ounce while December palladium declined $24.20 to $623 an ounce. Platinum for January tanked $28.20 to close at $1,615.50 an ounce.


CJ

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