Brent crude, WTI lower in afternoon trade

Crude oil prices were up early Thursday, but by about half an hour before the close of floor trade in New York, West Texas Intermediate crude for June delivery had dropped 16 cents below Wednesday’s close to trade at $56.18 per barrel on the New York Mercantile Exchange.

Prices for Brent crude were also lower, dropping 47 cents to $55.68 per barrel on the ICE Futures Europe exchange in London.

At the same time, Nymex June gasoline futures were up 2 cents to $1.65 per gallon, while in afternoon trade, Nymex June heating oil was up less than a cent to $1.47 per gallon, while June natural gas was up 12 cents to $4.01 per million British thermal units.

In late morning trade in New York, July copper was down 3 cents to $2.16 per pound, while in afternoon trade in London three-month copper dropped $70 to $4,680 per tonne on the London Metal Exchange even though LME inventories of the metal fell by 8,250 tonnes during the session.

Aluminium prices were unchanged from Wednesday’s close at $1,570 per tonne as another 5,000 tonnes were added to LME stockpiles already at record highs, while zinc was $10 lower to $1,587 per tonne.

Other base metals prices were higher as lead added $10 to $1,460 per tonne, tin was $95 higher than Wednesday’s close at $13,500 per tonne and nickel had gained $301 to $13,001 per tonne.

Precious metals prices gained on an interest rate cut from the European Central Bank.

At just before noon in New York, June gold had added $4 to $915 per troy ounce while just a bit earlier July silver was reported to be trading even with Wednesday’s close at $13.71 per troy ounce.

Platinum and palladium were both up in morning trade, with July platinum up $10.90 to $1,154 per troy ounce and June palladium had added $10.65 to $238.70 per troy ounce.

Grains prices were mixed on the Chicago Board of Trade, where May corn added 3 cents to $4.04 per bushel and May wheat gained 9 cents to $5.57 per bushel but May soybeans dropped 19 cents to $11.16 per bushel.

Story link: Brent crude, WTI lower in afternoon trade