Oil, metals prices up; grains see declines

Crude oil prices were up again Thursday as the US dollar declined for the third session in a row and even though new US data showed that despite the optimism voice yesterday by the Federal Reserve, as the Department of Commerce reported that US retail sales fell in July and the Labor Department said new jobless claims rose last week.

Shortly before the close of floor trade on the New York Mercantile Exchange, West Texas Intermediate crude for September delivery had added 41 cents to $70.57 per barrel, while at last report Brent crude was up 74 cents to $73.63 per barrel.

Meanwhile, Nymex September gasoline futures were up a cent to $2.04 per gallon, while September heating oil was 2 cents higher to $1.91 per gallon but September natural gas dropped 2 cents to $3.46 per million British thermal units on higher inventories that are now 20 percent above the average for this time of year.

September copper added 9 cents to $2.91 per pound in New York trade, while three-month copper added 3.2 percent to $6,386 per tonne during the session in London.

Base metals prices were up after Germany and France each saw their gross domestic product rise in the second quarter, raising hopes that demand for the metals will rise.

Nickel added $1,450 to $21,100 as strikes against a nickel producer in Canada continued, while tin was up 1.8 percent to $15,118 per tonne, lead gained 3.6 percent to $1,913 per tonne, aluminium added 4.2 percent to $2,068 per tonne, and zinc was 4.3 percent higher to $1,930 per tonne.

Gold and other precious metals were up as the US dollar continued to weaken with December gold adding $4 to $956.50 per troy ounce in New York trade while September silver was up 41 cents to $14.99 per troy ounce and October platinum gained $28.30 to $1,272.70 per troy ounce.

Earlier, in late morning trade in New York, September palladium was $4.80 higher to $278.15 per troy ounce.

Grains prices were lower in afternoon trade in Chicago as September corn was down 6 cents to $3.24 per bushel, September wheat fell 8 cents to $4.82 per bushel and August soybeans dropped 27 cents to $11.88 per bushel.

Story link: Oil, metals prices up; grains see declines