Crude oil, copper, grains prices all decline on session

Crude oil prices were lower Wednesday after the US Energy Information Administration reported that oil inventories were up in the week ending 20 March.

The EIA said that crude oil stockpiles added 3.3 million barrels last week in the United States, while gasoline inventories dropped by 1.1 million barrels and distillates stockpiles were down by 1.6 million barrels over the week.

May contracts for West Texas Intermediate crude dropped $1.21 to $52.77 per barrel around the close of floor trade on the New York Mercantile Exchange, while Brent crude was down $1.89 to $51.61 per barrel on the ICE Futures Europe exchange in London.

Nymex April gasoline futures were down 3 cents to $1.48 per gallon while May heating oil fell 5 cents to $1.46 per gallon and May natural gas dropped 5 cents to $4.40 per million British thermal units.

Copper prices were slightly lower in New York and London Wednesday on demand concerns after the Ifo institute reportred that German business confidence is down to its lowest level in 26 years and the Malaysian central bank said it believes the economy there could contract “significantly” in the first half of the year.

Prices recovered a bit, however, after two separate reports out of the United States said that home sales were up by 4.7 percent in February and durable goods orders added 3.4 percent in the same month.

May copper was down less than a cent to $1.80 per pound in New York, while three-month copper dropped $7.50 to $3,967.50 per tonne on the London Metal Exchange.

Precious metals prices were higher on the day, however, with June gold adding $12 to $938 per troy ounce while May silver was up 8 cents to $13.44 per troy ounce and July platinum gained $5.40 to $1,128.10 per troy ounce.

Grains prices were lower on the Chicago Board of Trade.

CBOT May corn was fell 8 cents to $3.85 per bushel while May soybeans were down 16 cents to $9.51 per bushel and May wheat dropped 27 cents to $5.08 per bushel.

Story link: Crude oil, copper, grains prices all decline on session