WTI, Brent crude prices down on inventories

Crude oil prices fell Wednesday on bigger gains than anticipated in US gasoline inventories.

Gasoline stockpiles in the US added 1.1 million barrels in the week ending 31 October, outpacing an anticipated decline of 650,000 barrels in the week, while at the same time distillates stockpiles were 1.2 million barrels higher, not quite as much of a gain as had been expected.

Crude oil inventories added a less-than-expected 54,000 barrels to stockpiles.

December contracts for West Texas Intermediate crude were down $4.84 to $65.69 per barrel on the New York Mercantile Exchange, while Brent crude for December delivery dropped $4.17 to $62.27 per barrel on the ICE Futures Europe exchange in London.

Nymex December gasoline futures dropped 10 cents to $1.434 per gallon.

Metals prices were mixed.

December copper dropped 14 cents to $1.82 per pound in New York while three-month copper in London was down $280 to $4,070 per tonne.

Aluminium dropped $19 to $2,091 per tonne while lead was down $29 to $1,511 per tonne, zinc was $59 lower to $1,180 per tonne and nickel dropped $600 to $12,300 per tonne but tin added $105 to $14,900 per tonne on the session.

Among precious metals, December gold fell $15.80 to $741.50 per troy ounce while December silver added 35 cents to $10.48 per troy ounce and January platinum gained $22.30 to $880 per troy ounce.

Grains prices were lower on the Chicago Board of Trade as December corn fell 22 cents to $3.90 per bushel, December wheat was down 35 cents to $5.37 per bushel and November soybeans dropped 54 cents to $8.94 per bushel.

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