Crude oil, copper in new highs

Crude oil prices touched yet another record high Wednesday on new data from the US Energy Information Administration reported that US crude oil inventories fell more than expected last week.

Crude oil inventories were down 2 million barrels in the week ending 27 June, while gasoline stockpiles added 2.1 million barrels while distillates in storage, including heating oil and diesel fuel, were up 1.3 million barrels in the week.

Also pushing prices up were mixed signals from Iranian officials as to whether or not they would try to disrupt supplies if they were attacked by Israel or the United States.

West Texas Intermediate crude for August delivery was as high as $143.91 per barrel, a new record, shortly before the close of floor trade on the New York Mercantile Exchange but by the close the contract had fallen back to $143.71 per barrel, a gain of $2.77 over Tuesday’s close.

Meanwhile, Brent crude added $3.64 to $144.31 per barrel after going as high as $144.65 per barrel in earlier trade.

Nymex August gasoline futures were up 3 cents to $3.54 per gallon while August heating oil were 13 cents higher to $4.07 per gallon.

In addition, the New York Mercantile Exchange said it will raise the amount of money traders must post to trade oil and related futures on the exchange.

Precious metals prices were mixed Wednesday in New York after the dollar weakened again and crude oil set new prices records.

August gold added $2 to $946.50 per troy ounce while September silver gained 14 cents to $18.43 per troy ounce, but October platinum dropped $11.70 to $2,077 per troy ounce and palladium fell $2.05 to $4.70 per troy ounce.

Platinum and palladium prices were down on demand concerns after top auto manufacturers all reported that their sales were down in the United States in June; platinum and palladium are both used in the making of pollution control devices for motor vehicles.

Among base metals, copper prices set new records in both New York and London as strikes in Peru threatened to spread and after new data showed that US factory orders were up 0.6 percent in May.

September copper closed up 15 cents to $4.06 per pound in New York after going as high as $4.08 per pound, while three-month copper closed $110 higher to $8,720 and was as high as a record $8,940 per tonne in London.

Grains prices were higher, with September wheat 15 cents higher to $8.80 per bushel on the Chicago Board of Trade while CBOT November soybeans were up 20 cents to $16.30 per bushel and December corn gained 28 cents to $7.80 per bushel.

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