Commodities prices fall on session

Oil prices were lower on Thursday after comments from Ali Larijani, Iran’s chief nuclear negotiator, led to hopes that tensions between his nation and the West over Iran’s nuclear program could ease soon. Larijani said, in a joint news conference with EU negotiators that the two sides were nearing a “united view” on some issues under discussion.

Brent crude for June delivery fell by 39 cents to $68.18 per barrel, while by mid-afternoon on the New York Mercantile Exchange June contacts for West Texas Intermediate Crude were down 76 cents to $65.08 per barrel. Nymex gasoline held steady at $2.29 per gallon, while Nymex heating oil added just a cent to $1.91 per gallon. Natural gas was 20 cents lower to $7.59 per million British thermal units.

Precious metals prices were lower on Thursday afternoon in New York. Gold dropped substantially, falling $9.40 to $678.00 per troy ounce as the US dollar strengthened. Silver was 40 cents lower to $13.46 per troy ounce, while platinum dropped $13.60 to $1,303.60 per troy ounce.

Among base metals, zinc was 0.7 percent lower to $3,730 per tonne on the London Metal Exchange. Copper was also lower, dropping 2.3 percent to $7,690 per tonne even though LME stockpiles were 2,025 tonnes lower on the session. Analysts attributed the decline in copper to profit taking as it was unable to sustain prices above the $8,000 per tonne level that was reached recently.

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