Crude prices, most precious metals lower

Crude oil prices were lower Thursday despite new inventories numbers from the US Energy Information Administration which showed that stockpiles of oil, gasoline, and distillates were all lower last week.

Inventories of crude oil were down 1.9 million barrels in the week ending 29 August, while gasoline stockpiles dropped by 1 million barrels to 194.4 million barrels and distillates in storage were 400,000 barrels lower than last week.

At the close of floor trade on the New York Mercantile Exchange, West Texas Intermediate crude for October delivery was down $1.52 to $107.83 per barrel, while at last report October contracts for Brent crude were down $1.63 to $106.43 per barrel.

Most precious metals prices were lower Thursday..

December gold was down $5 to trade at $803.20 per troy ounce and has lost more than $30 since 28 August,, while December silver fell to $12.76 per troy ounce and December palladium traded lower at $287.20 per troy ounce.

On the other hand, October palladium gained to trade at $1,395 per troy ounce in New York.

Among base metals, Lead was $46 lower to $1,900 per tonne in late afternoon trade on the London Metal Exchange, while December copper was about 2 cents below Wednesday’s level to $3.29 per pound in New York.

Grains prices were mixed on the Chicago Board of Trade, with December wheat and December corn each up 2 cents, to $7.77 per bushel and $5.64 per bushel respectively, but November soybeans dropped 16 cents to $12.35 per bushel.

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