US gasoline futures drop 4 cents

Crude oil prices were higher on Thursday as US gasoline consumption rose to its third-highest level in history and it was reported that North Sea production will decline in August due to maintenance.

Brent crude for August delivery added 78 cents to $76.22 per barrel in late afternoon trade on the Intercontinental Exchange in London, while September Brent traded at $76.26 per barrel.

West Texas Intermediate crude August contracts were 4 cents higher to $72.60 per barrel in early afternoon trade on the New York Mercantile Exchange after rising to $73.80 earlier.

Despite the gain in crude oil futures, Nymex August gasoline dropped 4 cents to $2.26 per gallon, while Nymex August heating oil was 1 cent lower to $2.10 per gallon and Nymex September natural gas dropped 21 cents to $6.51 per million British thermal units.

Prices for precious metals were higher on the session.

August gold added $6.20 to $668.30, its highest closing level since early June, while September silver gained 21 cents to $13.18 and October platinum was up $14.60 to $1,330.70.

Base metals prices were mixed.

Lead added 0.5 percent to $2,995 per tonne in London after going as high as $3,021 during the day, while
zinc gained 1.9 percent to $2,540 per tonne.

Copper was down 1.4 percent in London to $7,825 per tonne in London even though it had climbed to $7,985 per tonne earlier.

Meanwhile in New York, September copper dropped 4 cents to $3.58 per pound.

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