WTI, Brent see declines on session

Crude oil prices were lower Thursday after New York equities markets declined and on reports that OPEC will increase its shipments of crude oil in August, but prices came off session lows after the US Labor Department reported that first-time jobless claims were down in the week ending 1 August.

September contracts for West Texas Intermediate crude were down 46 cents to $71.51 per barrel just a few minutes before the close of floor trade on the New York Mercantile Exchange, while Brent crude was last reported 87 cents lower to $74.64 per barrel on the ICE Futures Europe exchange in London.

Nymex September gasoline futures were down 1 cent to $2.05 per gallon while September heating oil fell 2 cents to $1.94 per gallon and September natural gas dropped 25 cents to $3.79 per million British thermal units.

September copper was 6 cents lower to $2.75 per pound in New York trade on the news that the US services sector remains in contraction, while three-month copper dropped nearly 3 percent to $6,029.50 per tonne on the London Metal Exchange.

Prices for other base metals also declined on the session, while precious metals prices were also down on the stronger dollar.

December gold was down $3 to $963.30 per troy ounce while September silver fell 11 cents to $14.65 per troy ounce and October platinum dropped $29.70 to $1,263.40 per troy ounce.

Grains prices were also lower, falling in afternoon trade in Chicago.

August soybeans were down 4 cents to $11.71 per bushel while September corn fell 14 cents to $3.32 and September wheat dropped 29 cents to $4.99 per bushel.

Story link: WTI, Brent see declines on session