Crude prices drop on inventories data

Crude oil prices were lower on Wednesday after the US Energy Information Administration reported that stockpiles of gasoline and distillates were higher in the week ending July 27.

September contracts for West Texas Intermediate crude was down $1.67 to $76.54 per barrel in early afternoon trade on the New York Mercantile Exchange, while Brent crude for September delivery dropped $1.90 to $75.15 per barrel on the Intercontinental Exchange in London.

Nymex September gasoline fell 8 cents to $2.03 per gallon and September heating oil was 5 cents lower to $2.07 per gallon, while September natural gas added 16 cents to $6.36 per million British thermal units.

Gasoline inventories were up 600,000 barrels and distillates stockpiles gained 2.8 million barrels as refinery utilization grew to 93.6 percent of capacity, while crude oil inventories dropped 6.5 million barrels to 344.5 million barrels.

Precious metals prices were mostly lower in New York, with December gold down $3.40 to $675.90 per troy ounce in early afternoon trade, while September silver dropped 6 cents to $12.96 per troy ounce.

October platinum was substantially lower, down $11.70 to $1,290.90 per troy ounce.

Only palladium saw gains, adding $1.40 to $368.30 per ounce.

Meanwhile among base metals, September copper was 6 cents lower to $3.59 per pound in New York while in London three-month copper dropped 1.6 percent to $7,865 per tonne.

Also in London, tin fell 1.7 percent to $15,825 per tonne, while nickel was 1.9 percent lower to $30,800 per tonne.

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