Crude prices at record; metals and grains prices mixed

Crude oil prices rose again to a new record at the close in New York after the Federal Reserve cut economic growth expectations for this year, making investors believe that there are more interest rate cuts on the way.

March contracts for West Texas Intermediate crude, which expire at the end of the day, added 73 cents to trade at $100.74 per barrel after going as high as $101.32 earlier in the session.

Nymex March gasoline was 2 cents lower to $2.58 per gallon while April heating oil was down 1 cent to $2.75 per gallon and April natural gas fell 4 cents to $8.95 per million British thermal units.

Metals prices were mixed on Wednesday.

April gold added 8 to $937.80 per troy ounce as investors looked for a hedge against inflation, while March silver was up 25 cents to $17.76 per troy ounce.

April platinum was $14.30 lower to $2,138.80 per troy ounce shortly before the close of floor trade in New York on worries that record high prices could hurt demand.

Meanwhile, among base metals, May copper was down 1 cent to $3.72 per pound in New York while 3-month copper on the London Metal Exchange dropped $19.75 to $8,170.25 per tonne, declining on reports that new building permits issued in the US were down by 3 percent in January.

Grains prices were also mixed, with May corn on the Chicago Board of trade up 3.5 cents to $5.36 per bushel while CBOT May soybeans fell less than a cent to $14.18 per bushel and May wheat dropped 14 cents to 10.33 per bushel.

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