WTI rises above $110 per barrel in new record

Crude oil prices rose Wednesday even though crude oil inventories were reported to have risen last week and as US consumption of gasoline was down by 0.7 percent last week.

West Texas Intermediate crude for April delivery was up $1.20 to $109.95 per barrel just before the close of floor trade on the New York Mercantile Exchange after having hit a new high at $110.20 per barrel earlier, while Brent crude added 83 cents to $106.08 per barrel.

Nymex April gasoline dropped 4 cents to $2.69 per gallon but April heating oil was 3 cents higher to $3.03 per gallon and April natural gas added a cent to $10.01 per million British thermal units.

At-the-pump prices for gasoline in the United States added another 1.9 cents overnight to a national average of $3.246 per gallon, a new record.

According to the US Energy Information Administration, crude oil stockpiles were up 6.2 million barrels in the week ending 7 March, by more than three times the forecast rise of 1.6 million barrels, while gasoline inventories were 1.7 million barrels higher but distillates stockpiles were down 1.2 million barrels, less than had been anticipated.

Metals prices also saw gains.

April gold added 4.70 to $980.70 per troy ounce around the close of floor trade in New York, while May silver gained 23 cents to $20 per troy ounce and April platinum jumped $15.40 to $2,067.80 per troy ounce.

Among base metals, May copper added 5 cents to $3.84 per pound in New York while three-month copper on the London Metal Exchange was up $130 to $8,405 per tonne on the session.

Grains prices were mixed.

May corn on the Chicago Board of Trade dropped 5.25 cents to $5.56 per bushel on indications that demand is cooling due to the high cost of livestock feed, while CBOT May soybeans fell 12.75 cents to $13.95 per bushel.

However, May wheat in Chicago added 59 cents to $12.82 per bushel.

Story link: WTI rises above $110 per barrel in new record