Inventories figures send oil prices higher

Crude oil prices were higher on Wednesday after the latest US inventories figures from the Energy Information Administration showed that while crude oil inventories were not down as much last week as had been anticipated, gasoline stockpiles were down significantly when they had been expected to increase.

September contracts for Brent crude were $1.08 higher to $76.61 per barrel on the Intercontinental Exchange in London, while West Texas Intermediate crude for August delivery was $1.03 higher to $75.05 per barrel in mid-afternoon trade.

Nymex August gasoline futures were up 9 cents to $2.20 per gallon, September heating oil had gained 7 cents to $2.13 per gallon, and September natural gas futures were 21 cents higher to $6.61 per million British thermal units.

At-the-pump gasoline prices in the US, however, were lower again, falling 0.9 percent to an average of $3.031 per gallon nationally.

Inventories of crude oil were down by half a million barrels in the week ending July 13, less than the 760,000 barrel decrease that had been expected ,while gasoline stockpiles dropped by 2.3 million barrels, much more of a decline than had been anticipated, and distillates were inventories were 200,000 barrels lower.

Precious metals prices were higher, while base metals prices were mixed.

August gold closed up $7.80 to $673.70 per troy ounce, bringing the gain in gold prices to 5.6 percent so far this year, while September silver added 27 cents to $13.29 per troy ounce and October platinum gained $14.60 to trade at $1,337.20 per troy ounce.

Base metals prices were mixed, with copper 1 cent higher to $3.56 per pound in New York and up $60 to $7,825 per tonne on the London Metal Exchange, while nickel added $560 to $32.550 per tonne and tin was $589 higher to $14,889 per tonne.

On the other hand, the price of three-month lead dropped $25 to $3,185 per tonne in late afternoon trade in London after having gone as high as $3,260 per tonne, a new record high, while aluminium and zinc each declined $26 dollars to $2,772 per tonne and $3,469 per tonne respectively.

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