WTI drops back below $100 per barrel

Crude oil prices were lower Wednesday after US inventories were reported to have grown more than expected last week.

November contracts for West Texas Intermediate crude dropped $2.22 to $98.42 per barrel on the New York Mercantile Exchange, while Brent crude for November delivery fell $2.97 to $95.20 per barrel on the ICE Futures Europe exchange in London.

The US Energy Information Administration said that crude oil inventories were up by 4.3 million barrels last week while gasoline stockpiles added 900,000 but distillates in inventory dropped by 2.3 million barrels in the week ending 26 September.

Refinery utilization was up to 72.3 percent of capacity in the week, while demand for gasoline dropped by 4.5 percent over the past four weeks in the US, compared to the same time last year.

Among precious metals, December gold was up $7.20 to $888 per troy ounce on its reputation as a safe place for money during troubled times, while December silver added 50 cents to $12.77 per troy ounce and January platinum gained $14.60 to $1,043.10 per troy ounce in New York trade.

Earlier in the session, December palladium also saw gains, adding $10.20 to $212.90 per troy ounce.

Meanwhile among base metals, December copper dropped 9 cents to $2.79 per pound in New York while three-month copper fell $215 to $6,145 per tonne in London.

Grains prices were mixed on the Chicago Board of Trade, where November soybeans added 8 cents to $10.53 per bushel but December corn fell 3 cents to $4.84 per bushel and December wheat dropped 10 cents to $6.69 per bushel.

Story link: WTI drops back below $100 per barrel