WTI, Brent crude see declines

The price of crude oil fell sharply Monday on a stronger dollar and on demand worries as equities markets fell globally.

November contracts for West Texas Intermediate crude dropped $6.07 to $87.81 per barrel on the New York Mercantile Exchange while Brent crude for November delivery fell $6.35 to $83.90 per barrel on the ICE Futures Europe exchange in Europe.

Nymex November gasoline futures were down 16 cents to $2.07 per gallon while November heating oil was down 19 cents to $2.48 per gallon and November natural gas dropped 50 cents to $6.86 per million British thermal units.

Precious metals prices were mixed Monday as gold saw gains as demand by investors grew.

December gold added $33.30 to $866.50 per troy ounce in New York as it looked like a safe place to put money after equities markets declined, while January platinum gained $20.70 to $986.50 per troy ounce.

On the other hand, December silver was lower, dropping 4 cents to $11.29 per troy ounce.

Meanwhile December copper was down 20 cents to $2.49 per pound in New York trade while three-month copper dropped $500 to $5,510 per tonne in London on worries that demand will decline further.

Grains prices were lower on the Chicago Board of Trade, with December corn down 30 cents to $4.24 per bushel and December wheat down 45 cents to $5.95 per bushel while November soybeans dropped 70 cents to $9.22 per bushel.

Wheat prices fell under $6 per bushel for the first time in over a year and was 56 percent lower than its record high in late February as the stronger dollar made overseas buyers less enthusiastic about buying US crops.

Story link: WTI, Brent crude see declines