WTI drops in anticipation of sales report, Fed decision

Crude oil prices were lower in New York on Monday afternoon after equities markets declined and ahead of a report on July retail sales in the United States, and also ahead of a meeting of the US Federal Reserve, which could signal a return to higher US interest rates.

In addition, there were suggestions that the Organization of Petroleum Exporting Countries will not cut production when it meets next month after the cartel’s president said that oil prices are acceptable at their current level.

In afternoon trade, West Texas Intermediate crude for September delivery was down 35 cents to $70.58 per barrel on the New York Mercantile Exchange, but at last report Brent crude was up 2 cents to $73.61 per barrel on the ICE Futures Europe exchange in London.

September copper was down 2 cents to $2.77 per pound in New York after going as high as $2.84 per pound earlier, the metal’s highest price since October first last year, while three-month copper dropped $65 to $6,085 per tonne in London on concerns that demand will decline again.

Among other base metals, nickel was higher but aluminium, lead, tin, and zinc all saw their price decline in London.

Among precious metals, gold was lower, falling $12.40 to $947.10 per troy ounce in New York trade for December contracts after going as low as $946.50 per troy ounce earlier in the session as equities markets and the US dollar both declined.

Besides the decline in gold prices, September silver was down 31 cents to $1,250.90 per troy ounce while October platinum dropped $17.60 to $1,250.990 per troy ounce.

Grains prices were mixed in early afternoon trade in Chicago.

September corn was up 2 cents to $3.24 per bushel but September wheat was down less than a cent to $4.89 per bushel and August soybeans dropped 15 cents to $11.69 per bushel.

Story link: WTI drops in anticipation of sales report, Fed decision