Precious metals prices fall

Brent crude August contracts were 35 cents higher to $72.98 per barrel on the Intercontinental Exchange on Tuesday, while August delivery West Texas Intermediate was 11 cents higher to $71.20 per barrel on the New York Mercantile Exchange.

Nymex August gasoline was also higher, adding 2 cents to $2.27 per gallon. August heating oil futures were up 1 cent to $2.07.

The prices were higher after a Texas refinery had to close a unit, on the heels of a Kansas refinery closure due to flooding over the weekend.

By Tuesday, an oil spill had developed around the Kansas refinery after oil leaked from an improperly closed valve, spilling up to 42,000 gallons of oil.

Natural gas futures dropped 4 cents to $6.72 per million British thermal units.

In metals markets, copper was higher in New York. It added 2 cents to $3.55 per pound on concerns that a strike in Chile could worsen and impact an already tight market.

Precious metals prices dropped, however. August gold fell $3.80 to $655.50 per troy ounce. Gold to be delivered immediately also dropped by $3.80, to $653.45 per troy ounce in London.

September silver fell 6 cents in New York trade to $12.69 per troy ounce, while October platinum was down 90 cents to $1,294.20.

US markets will be closed on Wednesday in observation of the Independence Day holiday.

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