WTI, Brent crude drop again

Crude oil prices fell Tuesday on another report that demand for gasoline is down and despite a statement from the secretary general of the Organization of Petroleum Exporting Countries that the cartel is willing to meet again to cut production quotas further if necessary.

December contracts for West Texas Intermediate crude were reported down 26 cents to $62.96 per barrel at the close of floor trade on the New York Mercantile Exchange while Brent crude for December delivery dropped $1.15 to $60.26 per barrel on the ICE Futures Europe exchange in London.

Demand continues to fall despite declining retail gasoline prices at the pump in the US, which dropped to an average $2.629 per gallon overnight for unleaded regular.

Metals prices were mixed on the session.

December copper was up 5 cents to $1.86 per pound while three-month copper added $110 to $4,130 per tonne, helped by new data showing that new home sales in the US were up in September, but prices remain about 50 percent below their historic low, reached in July.

Aluminium added $67 to $2,015 per tonne while lead was up $175 to $1,470 per tonne, nickel was $870 higher to $11,970 per tonne and tin gained $1,150 to $14,750 per tonne but zinc dropped $35 to $1,150 per tonne.

Among precious metals, December gold had dropped $2.40 to $740.50 per troy ounce just before the close of trade in New York while December silver was lower, by 39 cents to $8.81 per troy ounce but January platinum added $11.60 to $808.80 per troy ounce.

Grains prices were also mixed.

December wheat was down 12 cents to $5.17 per bushel on the Chicago Board of Trade while CBOT November soybeans also declined, by 23 cents to $8.70 per bushel, while December corn gained 6 cents to $3.91 per bushel.

Story link: WTI, Brent crude drop again