WTI declines in afternoon trade

Crude oil prices were lower Thursday on concerns that demand will decline if prices remain high.

May contracts for West Texas Intermediate Crude were $1.32 lower to $109.55 per barrel in afternoon trade on the New York Mercantile Exchange, while Brent crude dropped 27 cents to $108.20 per barrel on the ICE Futures Europe exchange in London.

Nymex May gasoline dropped 1 cent to $2.77 per gallon while May heating oil was down 4 cents to $3.19 per gallon but May natural gas gained 2 cents to $10.08 per million British thermal units as stockpiles were reported down last week.

June gold dropped $5.70 to $931.80 per troy ounce while May silver also declined, falling 17 cents to $18.03 per troy ounce, but July platinum gained $2.40 to $2,047 per troy ounce.

Among base metals, May copper was 8 cents lower to $3.92 per pound in New York.

Grains prices were also mixed, with May soybeans on the Chicago Board of Trade 43 cents higher to $13.56 per bushel but CBOT May corn down 10 cents to $5.94 per bushel and May wheat 13 cents lower to $9.21 bushel.

Story link: WTI declines in afternoon trade