Crude prices gain but precious metals decline

Crude oil prices headed into record territory again on Thursday on indications that global demand could test supplies, especially amid earthquake rebuilding and preparations for the Olympic Games in China.

West Texas Intermediate crude for August delivery ended up $1.72 to $145.29 per barrel on the New York Mercantile Exchange, a new record, after going as high as $145.85 earlier in the session, also a new record.

August contracts for Brent crude added $1.84 to $146.10 per barrel after going to a new record at $146.69 per barrel on the ICE Futures Europe exchange in London.

Nymex August gasoline futures jumped 2.2 cents overnight to $3.571 per gallon while August heating oil gained 3.4 cents to $4.10 per gallon, a new record high.

September copper dropped 11 cents to $3.95 per pound in New York on Thursday after the US Labor Department reported that 62,000 non-farm jobs were lost in June and after indications that today’s interest rate hike to 4.25 percent by the European Central Bank will the last jump in rates for the time being.

In London, meanwhile, three-month copper dropped $60 to $8,660 per tonne, or $3.92 per pound.

The declines came despite indications that strikes by workers in Peru look set to expand as miners prepare to march on the Peruvian Congress.

Precious metals prices were also lower on the session.

August gold was down $13 to $933.50 per troy ounce while September silver fell 7 cents to $18.36 per troy ounce and October platinum dropped $46.60 to $2,030.40 per troy ounce.

In afternoon trade on the Chicago Board of Trade, September wheat added 7 cents to $8.87 per bushel and November soybeans were up 1 cent to $16.31 per bushel but December corn dropped 3 cents to $7.77 per bushel on hopes that better weather in US Midwest growing regions will improve growing conditions.

Story link: Crude prices gain but precious metals decline