Oil prices fall on Mubarak's resignation

oil.top.pngClick chart for more on commodities By Laurie Segall, staff reporter


NEW YORK (CNNMoney) -- Oil prices fell following the news that Egyptian president Hosni Mubarak would step down after three decades. Crude oil slumped $1.16 to $85.16 a barrel in midday trading Friday.

Matt Smith, commodity analyst at Summit Energy, said prices had been rising due to the political unrest and uncertainty in Egypt. But prices fell to their lowest levels in several months as tensions eased.

Other dollar-denominated commodities, including gold and silver, also drifted lower following Mubarak's resignation. Gold prices slid $5.30, settling at $1,357.20 an ounce.

In the past week, crude oil prices have been fluctuating wildly as tension and political unrest played out overseas

"We're just waiting for news story after news story of what's going to be positive and what's going to be negative," PFC energy trader Dan Flynn said.

"I do believe when the dust settles, this is a positive thing in Egypt," Flynn said, adding that oil prices could fall further.

Poor weather across the globe and damaged crops also led to a run up in grain prices and other agricultural commodities like cocoa and sugar.

A recent report from IHS Global Insight's Agriculture Service showed food prices are approaching 2008 peaks. Smith added that commodities may continue to head higher over the coming weeks due to Europe's debt worries.

"We're seeing bond yields rise and inflation concerns in Europe so funds are flying into commodities as an inflation hedge," Smith said.  To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.98%3.95%
15 yr fixed3.05%3.05%
5/1 ARM3.32%3.71%
30 yr refi4.05%4.03%
15 yr refi3.12%3.11%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 16,805.41 127.51 0.76%
Nasdaq 4,483.72 30.92 0.69%
S&P 500 1,964.58 13.76 0.71%
Treasuries 2.27 -0.00 -0.09%
Data as of 11:27pm ET
Company Price Change % Change
Ford Motor Co 13.78 -0.62 -4.31%
Microsoft Corp 46.13 1.11 2.47%
Apple Inc 105.22 0.39 0.37%
Bank of America Corp... 16.72 0.12 0.72%
Yahoo! Inc 43.50 0.90 2.11%
Data as of Oct 24

Sections

New York headlines took a straight forward and direct approach with NYC's Ebola news. More

The midterm elections are around the corner, and the economy remains a top concern. With unemployment down and inflation low, why do people still feel the economy stinks? More

Shares of Facebook recently topped $80. They've more than quadrupled from their post-IPO lows of two years ago. Can Mark Zuckerberg keep the momentum in mobile going? More

Host a furniture market. Here's how small town High Point, N.C. rakes in this much money -- twice a year. More

If you're looking to fly this holiday season, the clock's ticking to get the best prices. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.