Crude oil, metals lower on flu news

Crude oil prices were lower Tuesday, with declines coming on concerns that fewer people will travel as the swine flu outbreak spreads and in anticipation of more inventory gains when the US Energy Information Administration reports on stockpiles tomorrow.

June contracts for West Texas Intermediate crude fell 22 cents to $49.92 per barrel on the New York Mercantile Exchange while Brent crude was 65 cents lower to $49.67 per barrel on the ICE Futures Europe exchange in London.

Nymex May gasoline futures were down 2 cents to $1.38 per gallon while June heating oil dropped a cent to $1.33 per gallon, but June natural gas added 7 cents to $3.44 per million British thermal units.

Base metals prices were lower Tuesday on a lower dollar as it was reported that US consumer confidence made a comeback in April as well as on concerns that demand could decline.

July copper was down 7 cents to $1.92 per pound in New York trade, while three-month copper fell $130 to $4,220 per tonne after going as low as $4,158 per tonne earlier in the session on the London Metal Exchange.

Aluminium was $10 lower to $1,436 per tonne while zinc was down $31 to $1341 per tonne, lead fell $68 to $1,292 per tonne, nickel was $455 lower to $10,920 per tonne, and tin dropped $500 to $11,900 per tonne.

Precious metals prices were also down on the session.

June gold was $14.90 lower to $893.30 per troy ounce after trading even lower at $891.20 per troy ounce during the morning session on fears that the swine flu outbreak could slow economic recover and reduce demand for the precious metal.

July platinum was also lower, settling at a decline of $48.70 to $1,101.60 per troy ounce, while in late morning trade June palladium was $11.50 lower to $217.45 per troy ounce.

July silver fell 56 cents to $12.43 per troy ounce.

Grains prices were mixed on the Chicago Board of Trade, where May corn added 2 cents to $3.75 per bushel and May wheat was up 3 cents to $5.11 per bushel but May soybeans dropped 14 cents to $9.90 per bushel.

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