Crude, metals prices higher; grains mixed

Crude oil prices were higher Wednesday after the US Energy Information Administration said that crude oil inventories dropped last week by more than had been expected.

August contracts for West Texas Intermediate crude had added $2.15 to $61.67 per barrel shortly before the close of floor trade on the New York Mercantile Exchange, while at last report Brent crude was $2.56 higher to $63.42 per barrel on the ICE Futures Europe exchange in London.

The EIA said that stockpiles of crude oil were down 2.8 million barrels last week to 344.5 million barrels, but they remain more than 16 percent over inventories last year at the same time.

Nymex August gasoline futures added 2 cents to $1.67 per gallon and September heating oil gained 6 cents to $1.61 per gallon but August natural gas dropped 13 cents to $3.30 per million British thermal units.

Metals prices were sent higher by positive news on manufacturing in the United States and after the US dollar weakened.

September copper was 9 cents higher to $2.39 per pound in New York trade, while three-month copper added $204 to $5,249 per tonne on the London Metal Exchange.

Freeport-McMoRan (NYSE: FCX) insisted that its request that several hundred workers at an Indonesian mine stay home after the recent killings of two employees will not affect operations at the mine, which is one of the world’s biggest.

Prices for aluminium, tin, zinc, lead and nickel all were also higher in London trade.

Among precious metals, meanwhile, August gold was up $17 to $939.80 per troy ounce in New York while September silver added 34 cents to $13.20 per troy ounce and October platinum gained $22.80 to $1,157.90 per troy ounce.

Grains prices were mixed in Chicago, where September wheat was 4 cents higher to $5.34 per bushel but September corn dropped 9 cents to $3.29 per bushel and August soybeans were down 16 cents to $10.18 per bushel.

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