Crude prices remain below $50 per barrel

Crude oil prices gained in New York, but by shortly before the close of floor trade the were still below $50 per barrel after unemployment was reported higher in the US and existing home sales were said have dropped in March.

At about fifteen minutes before the close of floor trade, June contracts for West Texas Intermediate crude had added 35 cents to $49.20 per barrel on the New York Mercantile Exchange, while at about the same time Brent crude traded 21 cents lower to $59.60 per barrel.

July copper fell 7 cents to $1.99 per pound in New York while three-month copper dropped $154.50 to $4,385.50 per tonne on the London Metal Exchange.

The declines came after the US Labor Department reported that a record 6.14 million Americans are currently receiving unemployment benefits and new data from the National Association of Realtors show that existing home sales dropped b y 3 percent in March.

Precious metals prices, however, were higher in New York as June gold added $13.80 to $906.30 per troy ounce, May silver was 45 cents higher to $12.75 and July platinum gained $21.10 to $1,178.70.

Grains prices were mixed on the Chicago Board of Trade.

CBOT May corn was up 7 cents to $3.81 per bushel and May wheat added 10 cents to $5.27 per bushel, but May soybeans dropped 9 cents to $10.37 per bushel.

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