Silver Future Litle Change, Gold Futures Decline, Oil Futures Slipped

Commodity News - Gold futures prices for August delivery in New York declined 0.2 percent to $1,611.20 an ounce at 8:11 a.m. in Melbourne, while immediate-delivery bullion was little changed at $1,610.22. Gold gained for the third straight session yesterday on speculation that U.S. policy makers will announce additional stimulus measures to boost growth. Silver for July delivery was little changed at $28.925 an ounce.

Oil Futures slipped as much as 0.7 percent. The Organization of Petroleum Exporting Countries, which meets in Vienna tomorrow, said global oil markets remain well supplied even after its production fell in May for the first time in eight months. Prices also declined after the American Petroleum Institute said U.S. crude stockpiles rose 1.6 million barrels last week. A government report today was forecast to show they fell.

Oil fell for the fourth time in five days in New York amid speculation that OPEC will keep production quotas unchanged even after a slide in prices.