Most metals, crude oil prices advance

Crude oil prices rose after the US Energy Information Administration released its newest figures on inventories on Wednesday. The data shows that crude oil supplies were 700,000 barrels higher in the week ending April 6, to a total of 333.4 million barrels in storage. Distillates stockpiles also rose during the week, by 100,000 barrels to 118.1 million barrels.

Gasoline inventories, however, dropped much more than had been expected, falling 5.5 million barrels to 199.7 million barrels. The decline was driven by higher demand and lower imports, and sent gasoline futures on the New York Mercantile Exchange up 4.7 cents to $2.17 per gallon, their highest price in eight months.

Demand for gasoline was up by 2.5 percent over the past for weeks from the same period last year, to an average of 9.36 million barrels per day, while imports were down by nearly half a million barrels per day to 953,000 barrels per day during the week. Refinery capacity usage was a bit higher during the week, up 1.4 percent to 88.4 percent of capacity.

West Texas Intermediate crude added 54 cents to $62.43 per barrel after the EIA figures were announced.

Precious metals prices were mixed during the session on Wednesday. While June gold was 20 cents higher in New York, to $681.70 per troy ounce and July platinum added $7.70 to $1.280.80 per troy ounce, May silver saw its price drop 4 cents to $13.89 per troy ounce.

Among base metals, copper added six cents to $3.58 per pound.

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