WTI tries to catch up with Brent crude prices

West Texas Intermediate crude oil rose above $70 per barrel for the first time in nearly a year on Thursday. WTI for August delivery rose to $70.17 per barrel on the New York Mercantile Exchange during the session, a gain of $1.20. However, by mid-afternoon in New York, the price for WTI had fallen back to $69.58 per barrel, still up by 61 cents. Brent crude, meanwhile, added 60 cents to $71.13 per barrel.

In mid-afternoon trade in New York, Nymex gasoline was also higher, trading at $2.21 per gallon. Heating oil was also higher, trading at $2.03 per gallon at mid-afternoon. New inventories figures that showed natural gas stockpiles up in the US by 99 billion cubic feet last week sent Nymex August futures lower, where it traded at $6.66 per million British thermal units by mid-afternoon in New York.

Metals prices also higher. Base metals were higher in London trade. Copper was 2 percent higher to $7,530 per tonne after word that workers at one Chilean mine had approved a strike action. Lead was also higher, adding 2.3 percent to $2.655 per tonne. Gold was 1.1 percent higher to $649.35 per troy ounce ahead of the US Federal Reserve’s interset rate decision. Later on, by early afternoon in New York, gold had risen a bit more, to $650.40 per troy ounce. Elsewhere, September silver had added 18 cents in New York to $12.51 per troy ounce, while October platinum was $2.20 higher to trade at $1,286 in New York.

Story link: WTI tries to catch up with Brent crude prices