Prices drop on oil, precious metals

Crude oil prices were lower on Wednesday after the first increase in US gasoline stockpiles in 13 weeks was reported. The US Energy Information Administration reported that gasoline stockpiles rose by 400,000 barrels in the week ending May 4, to 193.5 million barrels, a bit better than analysts had anticipated. Distillate inventories wee also up, rising 1.7 million barrels to 118.8 million barrels, while crude oil stockpiles were up by 5.6 million barrels to 341.2 million barrels.

Brent crude June deliveries fell $1.01 to $64.53 per barrel in London on the Intercontinental Exchange, while June contracts for West Texas Intermediate crude dropped by $1.16 to $61.10 per barrel on the New York Mercantile Exchange. Heating oil futures were 3.7 cents lower to $1.7929 per gallon, while gasoline futures were down 1.45 cents to $2.1900 per gallon.

Before the EIA report was released, crude prices had risen on a report that four American oil workers in Nigeria had been taken by armed attackers.

Gold futures were lower in US trade, with June contracts down $4.90 to $682.50 per troy ounce after having traded in a range from $677.50 to $688.90. Spot gold was quoted at $679.50/$680.00 per troy ounce, lower than Tuesday’s late quote of $684.30/$685.80 per troy ounce in New York, while the afternoon fix in London stood at $683.00 per troy ounce.

Other precious metals saw their prices decline on the session as well. July silver was 13 cents lower to close at $13.470 per troy ounce. Spot silver was at $13.35/$13.38, and the afternoon fix in London was at $13.45 per troy ounce. July platinum dropped $3.70 to $1,339.50 per troy ounce. June palladium was $5.55 lower to $370.40 per troy ounce.

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