Crude oil, precious metals prices fall on session

The price of crude oil fell in New York and London even though the Organization for Petroleum Exporting Countries is expected to cut production further than it already has when it meets next month, based on recent statements from several member nations and the former president of the cartel.

April contracts for West Texas Intermediate crude dropped $1.59 to $38.44 per barrel on the New York Mercantile Exchange while Brent crude for April delivery was down $1.05 to $40.84 per barrel on the ICE Futures Europe exchange in London.

Prices fell despite the possibility of less supply from OPEC nations as most recent economic data, including jobs, production and earnings reports, pointed to the probability that demand for oil and oil products will remain week for the foreseeable future.

Nymex March gasoline futures were 3 cents lower to $1.04 per gallon while April heating oil dropped 2.5 cents to $1.17 per gallon.

Copper prices saw gains on declines in inventories in London Metal Exchange-monitored warehouses.

May copper added 2 cents to $1.45 per pound after going higher earlier in New York, while three-month copper was up $85 to $3,235 per tonne, or $1.47 per pound, in London as LME inventories dropped by 950 tonnes to 544,650 tonnes.

Precious metals prices, however, fell as some took profits after last week’s rally.

April gold was down $7.20 to $995 per troy ounce in New York while March silver fell 4 cents to $14.45 per troy ounce and April platinum dropped $16.20 to $1,083 per troy ounce.

Grains prices on the Chicago Board of Trade were mixed as March corn added a cent to $3.51 per bushel and March soybeans gained 10 cents to $8.72 per bushel but March wheat dropped 8 cents to $5.10 per bushel.

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