Crude prices down, then up after inventory data

Crude oil prices fell Wednesday right after the EIA said that crude oil inventories gained 3.9 million barrels last week, to 370.6 million barrels in storage, while gasoline stockpiles added 800,000 barrels and distillates in storage were 2.7 million barrels higher in the week.

By near the end of floor trade in New York, however, the price of June contracts for West Texas Intermediate crude was back to 3 cents higher than Tuesday’s close to $48.58 per barrel on the New York Mercantile Exchange.

Analysts had expected gasoline stockpiles to drop by about as much as they ended up increasing last week, while crude inventories had been expected to go up, but not by as much as they did.

The price of July platinum futures added $21.10 to $1,178.70 per troy ounce in New York on Wednesday on a report that imports into China were up by 35 percent in March and on the news that the Asian nation will spend more than previously announced on subsidies to buy new cars.

In morning trade in New York June palladium which, like platinum, is used to make pollution control devices for cars and trucks, had added $9.85 to $232 per troy ounce.

Gold and silver were both also higher after the International Monetary Fund predicted that the global economy will contract by 1.3 percent this year, reversing an earlier forecast of 0.5 percent growth this year.

June gold was up $9.90 per troy ounce in New York, while May silver gained 22 cents to $12.28 per troy ounce.

Copper, on the other hand, declined on the IMF forecast as investors worried that demand for metals used in industry will continue to retreat, with July copper 2 percent lower to $2.06 per pound in New York, while at last report three-month copper had dropped $17 to $4,490 per tonne on the London Metal Exchange.

In afternoon trade on the Chicago Board of Trade, May wheat added 6 cents to $5.15 per bushel and May soybeans gained 7 cents to $10.45 per bushel, but May corn dropped less than a cent to $3.73 per bushel.

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