Oil in records as precious metals, grains see declines

Crude oil touched a new record - again - in New York trade Thursday at $135.09 per barrel before declining due to profit-taking, while prices for Brent crude were also higher, to $135.14 per barrel, before falling from Wednesday’s close.

At just before the close of floor trade on the New York Mercantile Exchange, West Texas Intermediate crude for July delivery was down $2.32 from Wednesday’s close to trade at $130.85 per barrel, while July Brent crude was down 91 cents to $131.79 on the ICE Futures Europe exchange in London.

Nymex June gasoline futures dropped 4 cents to $3.36 per gallon while July heating oil had added 3 cents to $3.95 per gallon and July natural gas had gained 7 cents to $11.85 per million British thermal units.

Precious metals prices fell on Thursday on gains for the dollar and declines in oil prices that reduced demand for hedges against inflation.

June gold was down $10.30 to $918.30 per troy ounce near the end of floor trade in New York while July silver was 7 cents lower to $17.99 per troy ounce and July platinum fell $37.30 to $2,183.80 per troy ounce.

Among base metals, copper was down in New York and London after early gains as worries about US demand outweighed new data showing that China’s demand is remaining healthy.

Three month copper was down $115 to $8,125 per tonne in London while July copper dropped 3 cents to $3.71 per pound in New York trade.

Concerns about declines in demand for alternative investments also sent grains prices lower.

In afternoon trade on the Chicago Board of Trade, July corn was down 9 cents to $5.97 per bushel while July soybeans fell 17 cents to $13.32 per bushel and July wheat dropped 21 cents to $7.57 per bushel.

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