WTI, Brent end session lower

Crude oil prices dropped again Thursday on profit-taking and worries that demand will continue to decline.

May WTI ended the session down 93 cents from Wednesday’s close to $101.61 per barrel on the New York Mercantile Exchange after dropping below $100 per barrel for a time, the first time it has done so since 5 March.

Meanwhile, Brent crude for May delivery fell 45 cents to $100.27 per barrel on the ICE Futures Europe exchange in London.

Nymex April gasoline added 1 cent to $2.57 per gallon while May heating oil dropped 7 cents to $2.88 per gallon and May natural gas gained 6 cents to $9.17 per million British thermal units.

Precious metals prices were lower on gains by the US dollar.

April gold was down $25.30 to $920.50 per troy ounce in New York while April platinum was $9.70 lower to $1,877.30 per troy ounce and May silver dropped $1.60 to $16.85 per troy ounce.

Copper and other base metals were also lower, falling on worries that demand will decline globally due to the weakness of the US economy.

May copper was down 6 cents to $3.57 per pound in New York while three-month copper dropped $139 to $7,840 per tonne, or $3.55 per pound, on the London Metal Exchange.

Grains prices were also lower on the session.

May corn on the Chicago Board of Trade down 19.75 cents to $5.07 per bushel while CBOT May soybeans fell 50 cents to $12.07 per bushel and May wheat dropped 86 cents to $9.87 per bushel.

Story link: WTI, Brent end session lower