Oil falls as revaluation helps copper pricing

The price of crude oil fell again on Thursday. Brent crude September contracts on the International Petroleum Market in London lost 95 cents to $55.72 per barrel, following a 71 cent decline on Wednesday.

September contracts for West Texas Intermediate crude on the New York Mercantile Exchange was down 89 cents to $57.13 per barrel after having lost 74 cents on Wednesday.

Heating oil lost 1.77 cents to $1.5800 per gallon on distillate inventories that rose last week to above their level of a year ago.

Distillate stockpiles would have risen more if not for the interference of Hurricane Dennis.

These rising inventory figures are doing much to calm earlier fears of tight supplies in the fourth quarter of the year.

Meanwhile, in other commodity markets, revaluation of the renminbi in China took copper prices to a new record high of $3,440 per tonne on the London Metal Exchange before falling back to $3,397 per tonne, a loss of $7 on the day.

China is one of the largest importers and users of copper in the world. Other commodity prices seemed not to be affected by the news of China’s currency revaluation.

Gold was up nearly $2 to $423.90/$424.60 per troy ounce over its closing quote on Wednesday night in New York.

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