Crude oil falls slightly in afternoon trade

Crude oil prices were down in afternoon trade in New York after going as high as $121.78 per barrel earlier on the news that an oil pipeline in Turkey, damaged in a recent explosion, might have been sabotaged and could be closed for as long as two weeks, and as the five permanent members of the UN Security Council and Germany agreed to pursue further sanctions against Iran for its refusal to abandon its nuclear program.

Even so, at around 1:30 p.m. in New York September contracts for West Texas Intermediate crude had dropped 15 cents from Wednesday’s close to trade at $118.47 per barrel on the New York Mercantile Exchange, although Brent crude had added 16 cents to $117.16 per barrel at last report.

In afternoon trade, September Nymex gasoline was up 5 cents to $3 per gallon while September heating oil was 2 cents lower to $3.22 per gallon and September natural gas had gained 7 cents to $8.84 per million British thermal units.

Copper prices saw gains in New York Thursday on the possibility that demand could rise amid lower prices recently, with September copper up 2 cents to $3.44 per pound and three-month copper was up $31 to $7,646 per tonne on the London Metal Exchange.

Nickel was up in late-day trade in London, going as high as $18,900 per tonne before falling back to $18,700 per tonne, still a gain over Wednesday’s close, while lead was $55 higher to $2,120 per tonne on a decline in inventories and aluminium gained $11 to $2,917 per tonne.

Zinc prices were lower on the session, dropping $28 to $1,737 per tonne.

Decmeber gold was down $2 to $881 per troy ounce at midday in New York, while September silver was 19 cents lower to $16.32.

The price for September wheat on the Chicago Board of Trade jumped 40 cents to $8.06 per bushel on the possibility that prices 40 percent below February’s peak could spur overseas demand, while CBOT November soybeans added 5 cents to $12.27 per bushel and December corn gained 9 cents to $5.37 per bushel.

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