Oil prices decline again

Crude oil prices were lower again on Thursday as demand concerns continued.

Prices were up early but declined after Federal Reserve Chairman Ben Bernanke advocated some sort of stimulus package to aid the slumping US economy.

West Texas Intermediate crude February contracts were 71 cents lower to $90.13 in New York while Brent crude for March delivery dropped 67 cents to $88.83 per barrel on the ICE Futures Europe exchange in London.

Nymex February gasoline was down 2 cents to $2.26 per gallon while March natural gas fell 4 cents to $8.02 per million British thermal units.

Precious metals prices were mixed in New York, also at least partly due to Mr. Bernanke’s comments.

Shortly before the close of floor trade in New York, February had gold dropped $1 to $881 per troy ounce while April platinum was also lower, dropping $1.30 to $1,565.80 per troy ounce about half an hour before the close, but March silver added 12 cents to $16.01 per troy ounce.

Meanwhile, among base metals, March copper was up 1 cent to $3.18 per pound in New York after stockpiles in London Metal Exchange inventories dropped by 5,500 tonnes during the day’s session.

Among base metals, three-month copper in London was down $90 to $7,080 per tonne.

Grains prices were mixed on the session.

March wheat on the Chicago Board of Trade was 14 cents higher to $9.40 per bushel after rising to its daily limit of 30 cents on indications that overseas buyers had increased demand.

March wheat was also up to its daily limit in Kansas City and in Minneapolis during the session.

On the other hand, March CBOT corn dropped half a cent to $5.02 per bushel and March soybeans fell 6 cents to $12.71 per bushel.

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