Oil up as precious metals end mixed

Crude oil prices were up in afternoon trade Wednesday after falling earlier on new data from the US Energy Information Administration showing that US crude oil inventories were up last week.

The EIA reported that crude oil stockpiles added 1.7 million barrels in the week ending 31 July, while gasoline inventories fell by 200,000 barrels but remained 3.7 million barrels over last year’s stockpiles and distillates dropped 1.1 million barrels.

September contracts for West Texas Intermediate crude were up 36 cents to $71.75 per barrel about half an hour before the close of floor trade on the New York Mercantile Exchange after having gone below $70 per barrel earlier in the session, while at last report Brent crude was up 4 cents to $73.32 per barrel on the ICE Futures Europe exchange in London.

In late morning trade, Nymex September gasoline futures were 3 cents lower to $2.03 per gallon but September heating oil had added 3 cents to $1.93 per gallon.

September natural gas was up 5 cents to $4.06 per million British thermal units in afternoon trade.

December gold fell $3.40 to $966.30 per troy ounce in New York after trading as low as $961.10 per troy ounce while September silver was up 7 cents to $14.76 per troy ounce and October platinum gained $16.30 to $1,293.10 per troy ounce.

In late morning trade September palladium had dropped $5.45 to $275.45 per troy ounce.

Among base metals, copper was higher on hopes that demand will recover after a report that manufacturing activity in Europe slowed its contraction in July.

September copper added 2 cents to $2.81 per pound while three-month copper gained $173 to $5,223 per tonne on the London Metal Exchange.

Metals prices were mixed in afternoon trade in Chicago as September corn fell 8 cents to $3.46 per bushel and September wheat dropped 13 cents to $5.29 per bushel, but August soybeans added 10 cents to $11.75 per bushel.

Story link: Oil up as precious metals end mixed