Crude prices fall; most metals see gains

Crude oil prices were down Thursday after new Commerce Department numbers showed that the US economy grew more slowly than expected in the second quarter and after the Labor Department said that new claims for unemployment benefits rose to a 5-year high last week.

Both reports triggered fears that demand for oil and oil products will continue to decline.

West Texas Intermediate crude for September delivery was $3.63 lower to $123.14 per barrel just minutes before the close of floor trade on the New York Mercantile Exchange, while at last report Brent crude had dropped $2.97 to $123.33 on the ICE Futures Europe exchange in London.

In afternoon trade, Nymex September gasoline futures were down 8 cents to $3.06 per gallon while September heating oil had also dropped 5 cents to $3.47 per gallon and September natural gas was 13 cents lower to $9.12 per million British thermal units.

Base metals prices were mixed Thursday, with most higher on the session in London.

Zinc was $45 higher to $1,915 per tonne, while three-month copper was $30 higher to $8,060 per tonne in London and September copper added 2 cents to $3.66 per pound in afternoon trade in New York.

Meanwhile, aluminium was up $20 to $2,980 per tonne, while lead added $30 to $2,210 per tonne.

Nickel and tin prices were lower, with tin falling $300 to $22,200 per tonne and nickel dropping $400 to $18,350 per tonne.

Just before the close of floor trade in New York, December gold was up $11.70 to $924 per troy ounce while September silver had added 25 cents to $17.71 per troy ounce and October platinum had gained $24.90 to $1,763 per troy ounce in afternoon trade.

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