Crude prices, grains higher as metals decline

Crude oil prices were up slightly Tuesday, helped by gains in equities markets and declines in the US dollar against the euro, but gains were limited by the likelihood that when the US Energy Information Administration reports on inventories Wednesday, it will say that crude oil stockpiles were up again last week.

May contracts for West Texas Intermediate crude, which expire today, added 63 cents to $46.51 per barrel on the New York Mercantile Exchange while June contracts added 19 cents to $48.70 per barrel.

At last report, Brent crude for June delivery had added 30 cents to $50.16 per barrel on the ICE Futures Europe exchange in London.

Nymex May gasoline futures traded even at $1.41 per gallon while June heating oil added a cent to $1.37 per gallon and June natural gas futures dropped 3 cents to $3.64 per million British thermal units.

Precious metals prices fell in New York, where June gold was down $4.70 to $882.80 per troy ounce, May silver fell 5 cents to $12.06 per troy ounce and July platinum dropped $9.50 to $1,157.60 per troy ounce.

Meanwhile among base metals, copper was 3 cents lower to $2.08 per pound in New York trade.

Grains prices were higher on the Chicago Board of Trade.

May corn was up 7 cents to $3.77 per bushel while May wheat added 9 cents to $5.13 per bushel and May soybeans gained 24 cents to $10.42 per bushel.

Story link: Crude prices, grains higher as metals decline