New EIA numbers send oil prices lower

Crude oil prices dropped in New York and held steady in London after the US Energy Information Administration reported that crude oil stockpiles in the United States grew unexpectedly last week.

The EIA reported that crude oil inventories added 700,000 barrels in the week ending 6 February against an expected decline of around 1 million barrels, while distillates stockpiles grew by 2.1 million barrels but gasoline inventories were down by 3 million barrels during the week.

April contracts for West Texas Intermediate crude fell $3.38 to $42.33 per barrel by the close of floor trade on the New York Mercantile Exchange while Brent crude was even at price of $43.96 per barrel on the ICE Futures Europe exchange in London.

Nymex April gasoline futures were down almost five cents to $1.25 per gallon while April heating oil fell nearly 7 cents to $1.13 per gallon and April natural gas dropped 4 cents to $3.80 per million British thermal units.

Copper prices fell Wednesday on reports that while China imported 42 percent more copper in February than it did in January, its total imports fell by 25.7 percent last month, raising concerns that growth is slowing and could lead to cuts in demand for the metal.

May copper was down 6 cents to $1.63 per pound in New York trade, while at last report three-month copper had dropped $70 to $3,650 per tonne in London, but losses were held to those levels by another decline in London Metal Exchange stockpiles during the session.

Precious metals prices were higher on the session.

April gold added $14.80 to $910.70 per troy ounce while May silver was up 26 cents to $12.80 per troy ounce and April platinum gained $13.40 to $1,057 per troy ounce.

Grains prices were lower on the Chicago Board of Trade.

In afternoon trade, March corn was down 10 cents to $3.56 per bushel while March soybeans fell 14 cents to $8.75 per bushel and March wheat dropped 24 cents to $4.98 per bushel.

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