WTI declines on EIA numbers

Crude oil prices fell a bit more Wednesday after the US Energy Information Administration said that crude oil and distillates inventories were up last week but gasoline stockpiles were lower again.

West Texas Intermediate crude for September delivery was down 67 cents to $118.50 per barrel on the New York Mercantile Exchange, while at last report Brent crude had dropped $1.11 to $116.59 per barrel on the ICE Futures Europe exchange in London.

Gasoline stockpiles were down 4.4 million barrels in the week ending 1 August while inventories of crude oil added 1.7 million barrels and distillates in storage were up 2.8 million barrels last week.

Metals prices were mixed on the session.

December gold was $3.60 lower to $882.50 per troy ounce in New York as oil prices continued to decline, while September silver dropped 7 cents to $16.51 per troy ounce.

Among base metals, December copper added 1 cent to $3.42 per pound in New York while three-month copper was down around $5 to $7,615 per tonne in London as inventories added another 1,575 tonnes to the highest level since mid-February.

Aluminium was up $6 to $2,906 per tonne while zinc added $19 to $1,765 per tonne and lead gained $50 to $2,065 per tonne.

Grains prices were lower on the session as September wheat on the Chicago Board of Trade were down 13 cents to $7.67 per bushel, CBOT December corn fell 17 cents to $5.27 per bushel and November soybeans dropped 45 cents to $12.24 per bushel.

Story link: WTI declines on EIA numbers