Oil, metals, grains all lower on session

Crude oil was 10 percent lower on the session in New York Monday as the Dow Jones Industrial Average dropped under the 7,000 level for the first time since 1997 amid a significant retreat in global equities markets and amid mixed messages about whether or not OPEC will cut production further at its March meeting.

April contracts for West Texas Intermediate crude dropped $4.39 to $40.37 per barrel on the New York Mercantile Exchange, while Brent crude for April delivery was down $4.08 to $42.27 per barrel on the ICE Futures Europe exchange in London.

Nymex April gasoline futures were down 8 cents to $1.29 per gallon while April heating oil was 11 cents lower to $1.16 per gallon and April natural gas dropped 5 cents to $4.15 per million British thermal units.

Metals prices were lower, with April gold down $2.50 to $940 per troy ounce in New York trade as some investors sold their holdings to raise cash to cover other losses.

May silver was 4 cents lower to $13.07 per troy ounce while April palladium dropped $9.40 to $1,073.40 per troy ounce.

Among base metals, copper was down 2 cents to $1.52 per pound in New York.

Grains prices also fell.

March corn was 7 cents lower to $3.43 per bushel on the Chicago Board of Trade while March wheat fell 15 cents to $4.94 per bushel and March soybeans dropped 26 cents to $8.48 per bushel.

Story link: Oil, metals, grains all lower on session