Volatile crude prices in New York

Crude oil prices were up most of the session Tuesday, but by 1:25 p.m. in New York the price of July contracts for West Texas Intermediate crude had dropped 31 cents below Monday’s close to trade at $70.31 per barrel on the New York Mercantile Exchange.

In midday trade, meanwhile, Nymex July gasoline futures had added 4 cents to $2.10 per gallon while August natural gas had dropped 7 cents to $4.31 per million British thermal units.

The retail price of gasoline in the United States was up half a cent overnight to $2.674 per gallon on average nationally according to AAA.

Precious metals prices rose in afternoon trade in New York as August gold added $4.70 to $932.20 per troy ounce while July silver was up 10 cents to $14.13 per troy ounce and July platinum gained $7.20 to $1,220.90.

Among base metals, on the other hand, September copper dropped 3 cents to $2.27 per pound in New York.

Afternoon trade on the Chicago Board of Trade found July corn down 1 cent to $4.04 per bushel while July soybeans were 8 cents lower to $11.88 per bushel and July wheat had dropped 9 cents to $5.65 per bushel.

The declines for wheat came as the US Department of Agriculture issued data showing that inspections for exports of grain are down 23 percent from last year at the same time, indicating reduced demand.

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