Oil, grains prices rise as most metals see declines

Oil prices saw gains Wednesday on gains in equities markets, despite expectations that Energy Information Administration inventories numbers due tomorrow are expected to show gains in crude oil and gasoline stockpiles last week.

West Texas Intermediate for March delivery added $2.71 to $43.55 per barrel on the New York Mercantile Exchange, while March contracts for Brent crude were up $1.40 to $45.02 per barrel on the ICE Futures Europe exchange in London.

Nymex February gasoline futures were up 3 cents to $1.17 per gallon while March heating oil added 1 cent to $1.38 per gallon and March natural gas was 12 cents higher to $4.75 per million British thermal units.

March copper dropped 7 cents to $1.43 per pound in New York, while in London three-month copper fell $121 to $3,220 per tonne as inventories in London Metal Exchange warehouses added 8,375 tonnes to 417,475 tonnes on the session.

Additionally, the International Copper Study Group which showed that copper demand was down more than 10 percent in the US in the first 10 months of 2008, adding to concerns that demand will continue to slow this year.

Aluminium was down $61 in London trade to $1,339 per tonne as stockpiles in LME warehouses added 88,875 tonnes during the day to 2.6 million tonnes, the most in nearly 15 years.

Zinc and nickel prices also fell on increased inventories, but tin was higher, trading at $11,500 per tonne in afternoon trade in London.

Meanwhile, among precious metals, February gold dropped $5.70to $849.50 per troy ounce and April platinum was down $21.70 to $927.10 per troy ounce, but March silver added 15 cents to trade at $11.33 per troy ounce in New York.

Prices for wheat, corn and soybeans were all higher on the Chicago Board of Trade.

Story link: Oil, grains prices rise as most metals see declines