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Crude oil prices fell on Tuesday as fears about the global economy resurfaced following reports that European banks may have more risky government debt on their books than previously thought.
Benchmark crude for October delivery fell 51 US cents to settle at $US74.09 a barrel on the New York Mercantile Exchange.
The Wall Street Journal reported that EU stress tests of 91 banks in July understated some lenders' holdings of potentially risky debt. The Financial Times said Germany's top 10 banks will have to raise as much as $US135 billion to meet new capital requirements.
In addition, abundant supplies of oil were expected to pull prices down over the next two months, with fewer US drivers on the road and the winter heating season still to come.
The US dollar's surge against the euro also was a factor in pushing down oil prices by making crude more expensive for investors trading in the weakening currencies.
Gold prices settled at a record high Tuesday following renewed worries about European banks and the global economy.
Gold for December delivery added $US8.20 to settle at $US1,259.30 an ounce after reaching $US1,261.60 earlier in the day.
In metals contracts for December delivery, silver slipped 3.5 US cents to settle at $US19.914 an ounce and copper lost 2.95 US cents to $US3.4705 a pound.
September palladium fell $US7.45 to settle at $US521.60 an ounce and October platinum settled down $US4.80 at $US1,556.30 an ounce.
Copper prices backed away from four-month highs on Tuesday, as investors reduced holdings of riskier assets amid renewed concerns about the European banking sector and signs of slowing growth in the euro zone.
On the London Metal Exchange, benchmark copper for three-month delivery ended down $US76 at $US7,629 a tonne.
Aluminum was last bid at $US2,164 versus a last bid at $US2,193 on Monday. LME stocks for the metal, used in transport and packaging, fell 4,575 tonnes, but remain near record levels at 4.41 million tonnes.
Nickel ended the day up $US40 at $US22,190 a tonne, while lead shed $US13 to close at $US2,184.
Zinc edged down $US7 to $US2,189 a tonne and tin gained $US50 to $US20,900.