Crude oil prices end lower

Crude oil prices were up in early trade in New York on Monday on concerns that Tropical Storm Fay would disrupt oil production in the Gulf of Mexico, but prices fell again after Fay was predicted to miss key oil production regions and weather forecasters said she would probably just barely reach hurricane status.

Also affecting prices were the ongoing conflict between Georgia and Russia and news that a pipeline in Turkey that was recently damaged in an explosion and fire will likely be reopened in a few days.

West Texas Intermediate crude for September delivery was down 59 cents to $112.90 per barrel at the close of floor trade on the New York Mercantile Exchange after going as high as $115.35 per barrel earlier, while Brent crude dropped 59 cents to $111.96 on the ICE Futures Europe exchange in London.

Nymex September gasoline was down 3 cents to $2.83 per gallon while October natural gas dropped 19 cents to $8.01 per million British thermal units.

Metals prices were mixed on the session.

December gold was up $12.90 to $805 per troy ounce in New York just before the close of floor trade as a weaker dollar opened the prospect of more demand from jewelers, while December silver gained 29 cents to $13.22.

Earlier in the session October platinum was up $1.80 to $1,390 per troy ounce but palladium was down $1.60 to $283.20 per troy ounce .

Meanwhile, among base metals, December copper was 1 cent lower to $3.31 per pound in afternoon trade in New York.

Grains prices were substantially higher on speculation that the weakening dollar could boost demand from overseas buyers, while corn and soybean prices were also helped by largely favorable weather forecasts in US growing regions.

December corn was 23 cents higher to $5.72 per bushel on the Chicago Board of Trade while CBOT September wheat added 35 cents to $8.59 per bushel and November soybeans gained 70 cents to $12.89 per bushel.

Story link: Crude oil prices end lower