Crude, precious metals prices see gains

Crude oil prices jumped on Wednesday after the US Energy Information Administration reported that inventories dropped in the week ending 26 October.

West Texas Intermediate crude December contracts added $4.15 to $94.53 per barrel, a new closing record, after going as high as $94.74 per barrel during the session for a new all-time high as well.

Nymex December gasoline added 9 cents to $2.34 per gallon, while December heating oil was also up 9 cents, to $2.53 per gallon and December natural gas jumped 31 cents to $8.33 per million British thermal units.

The EIA said that crude oil stockpiles fell by 3.9 million barrels over the week to 312.7 million barrels, while gasoline inventories were up by 1.3 million barrels to 195.1 million barrels and distillates in storage were up by 800,000 barrels to 135.3 million barrels.

Precious metals prices were up in New York on Wednesday.

Gold for December delivery was $7.50 higher to $795.30 per troy ounce at the close of floor trade in New York, while December silver added 11 cents to $14.43 per troy ounce by the end of the session and January platinum was $6.70 higher to $1,447.60 on hopes that demand will climb.

Grains prices were mixed.

December corn on the Chicago Board of Trade was 5.25 cents higher to $3.75 per bushel and January soybeans jumped 16.5 cents to $10.25 per bushel, but CBOT December wheat dropped 6 cents to $8.08 per bushel.

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