WTI, Brent crude prices lower

Crude oil prices were lower again on Thursday on increased worries around a slowing economy and lower oil demand in the US.

West Texas Intermediate crude for February delivery was down $1.92 to trade at $93.75 per barrel on the New York Mercantile Exchange while February contracts for Brent crude fell $1.36 to $93.01 per barrel on the ICE Futures Europe exchange in London.

Nymex February gasoline fell 8 cents to $2.36 per gallon and February heating oil was 5 cents lower to $2.56 per gallon while March natural gas added 8 cents to $8.17 per million British thermal units.

The price of gold hit another record high in New York on Thursday as it soared to $897.30 per troy ounce after US Federal Reserve chairman Ben Bernanke said in a speech that he will cut interest rates again if necessary to avoid a recession.

February gold later dropped back to $893.60 per troy ounce on the Comex division of the New York Mercantile Exchange, still a gain of $11.90 over Wednesday’s close.

Other precious metals prices were also higher, with March silver adding 44 cents to $16.28 per troy ounce and April platinum trading up $5.40 to $1,563.70 per troy ounce.

Among base metals, March copper was even at $3.28 per pound in New York in early afternoon trade on a lowered 2008 price forecast from UBS.

Grains prices fell, with March corn and March soybeans each falling 2.25 cents on the Chicago Board of Trade to $4.74 per bushel and $12.61 per bushel respectively, while March CBOT wheat dropped 7 cents to $8.82 per bushel.

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