WTI, Brent see declines

Crude oil prices were lower Tuesday after tensions eased along the Turkey/Iraq border and ahead of Wednesday’s US inventories data.

West Texas Intermediate crude for January delivery dropped 33 cents to $90.30 per barrel on the New York Mercantile Exchange shortly before the close of floor trade, while Brent crude was down $1.31 to $89.98 per barrel on the ICE Futures Europe exchange in London.

Nymex January gasoline was down 4 cents to $2.30 per gallon while February heating oil was 1 cent cheaper at $2.58 per gallon and March natural gas added 4 cents to $7.25 per million British thermal units.

Precious metals prices were up in New York on Tuesday.

February Gold added $8.10 to $807.40 per troy ounce on speculation that rising food and energy costs will fuel inflation in the US, while March silver added 19 cents to $14.17 per troy ounce.

January platinum was also higher, adding $11.70 to $1,515.30 per troy ounce after it soared to a new record for the second consecutive session.

Prices for base metals were mixed but mostly higher.

March copper traded even in New York at $2.88 per pound, while three-month copper on the London Metal Exchange added $5 to $6,380 per tonne after dropping to $6,317 per tonne earlier in the session.

Aluminium added $1 to $2,411 per tonne while zinc was $18 higher to $2,315 per tonne, lead was up $25 to $2,455 per tonne, and nickel gained $200 to $25,900 per tonne.

Tin dropped $50 to $16,025 per tonne.

Grains prices dropped.

Corn and soybeans both declined on the possibility that rain will help Brazilian and Argentine crops.

March corn was 6.75 cents lower on the Chicago Board of trade to $4.31 per bushel while March soybeans were down 7.5 cents to $11.69 per bushel.

CBOT wheat for March dropped 14 cents to $9.52 per bushel.

Story link: WTI, Brent see declines