Oil, metals prices fall on economic concerns

Worries about the global economy and comments from an OPEC member-nation oil minister that prices averaging $50 per barrel this year would be “OK” drove crude oil prices lower Monday.

The declines came ahead of separate reports on US oil inventories and joblessness in the United States, both due later in the week.

May contracts for West Texas Intermediate crude were down $3.89 to $48.49 per barrel around the close of floor trade on the New York Mercantile Exchange, while Brent crude was down $3.19 to $47.99 on the ICE Futures Europe exchange in London.

Nymex April gasoline futures were 11 cents lower to $1.38 per gallon and Nymex May heating oil fell 9 cents to $1.35 per gallon while May natural gas traded fractionally higher at $3.75 per million British thermal units.

Metals prices fell after the US dollar strengthened.

May copper was 7 cents lower to $1.77 per pound in New York, while three-month copper was down $135 to $3,915 per tonne in afternoon trade on the London Metal Exchange as LME inventories rose back up above the 500,000-tonne level.

Prices for precious metals were also lower on the session as June gold was $7.60 lower to $917.70 per troy ounce in New York trade while May silver fell 23 cents to $13.03 per troy ounce and July platinum dropped $16.90 to $1,120.80 per troy ounce.

Grains prices were mixed on the Chicago Board of Trade as May wheat added 5 cents to $5.12 per bushel but May corn dropped less than a cent to $3.86 per bushel and May soybeans fell 12 cents to $9.04 per bushel.

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