Crude prices drop along with metals and grains

Crude oil prices fell Tuesday on news from the Labor Department that unemployment rates rose in all 50 US states and in the District of Columbia in December as well as on separate reports showing consumer confidence and house prices are both down again in the US.

March contracts for West Texas Intermediate crude dropped $4.06 to $41.67 per barrel by the end of floor trade on the New York Mercantile Exchange while Brent crude for March delivery was down $3.12 to $43.84 per barrel on the ICE Futures Europe exchange in London.

In afternoon trade, Nymex February gasoline futures were down 4 cents to $1.12 per gallon while March heating oil had dropped 6 cents to $1.37 per gallon and March natural gas fell 1 cent to $4.45 per million British thermal units.

Copper prices were lower Tuesday after having added 14 percent in the past two sessions on hopes that demand might revive as London Metal Exchange inventories added 2.8 percent on the session to their highest level in five years and on falling US consumer confidence.

March copper was down 10 cents to $1.49 per pound, while three month copper was down $265 to $3,290 per tonne in London.

Among precious metals, meanwhile, March silver added 7 cents to $12.18 per troy ounce in New York trade, April gold dropped $8.70 to $902 per troy ounce and April platinum fell $15.70 to $957 per troy ounce.

Grains prices were also lower.

March wheat dropped 7 cents on the Chicago Board of Trade to $5.84 per bushel while CBOT March wheat was down 16 cents to $3.77 per bushel and March soybeans dropped 33 cents to $9.76 per bushel.

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