US crude stockpiles up last week

Crude oil prices were higher Wednesday after the US Energy Information Administration issued its weekly inventories report, which showed that crude oil stockpiles were up but that gasoline and distillates inventories dropped last week, but prices fell off session highs reached immediately after the Federal Reserve said it will hold interest rates at current levels for now.

Just before the close of floor trade on the New York Mercantile Exchange, West Texas Intermediate crude for March delivery was trading at $42.14 per barrel, up 56 cents from Tuesday’s close, while at last report March contracts for Brent crude had added 86 cents to $44.59 per barrel.

The EIA reported that US crude oil stockpiles were up by 6.2 million barrels last week, nearly double the expected rise while gasoline inventories dropped by 100,000 barrels against an anticipated rise and distillates stockpiles, with a decline of 1 million barrels, fell less than expected.

Base metals prices were mixed.

Three-month nickel added $300 to $11,700 per tonne in late afternoon trade in London on the possibility that production cuts will tighten supplies, while March coal was up 1 cent to $1.50 per pound in New York and three-month copper was $50 higher to $3,370 per tonne on the London Metal Exchange.

Aluminium also saw gains as it gained $40 to $1,380 per tonne, but zinc was down a dollar to $1,144 per tone and tin was down $55 to $11,445 per tonne.

Among precious metals, April gold was down $11.40 lower to $890 per troy ounce in New York and March silver dropped 21 cents to $11.96 per troy ounce, but April platinum added $4.70 to 4961.50 per troy ounce in afternoon trade.

Grains prices were higher in afternoon trade on the Chicago Board of Trade.

CBOT March soybeans added 6 cents to $9.82 per bushel while March corn was up 7 cents to $9.82 per bushel and March wheat gained 10 cents to $5.95 per bushel.

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