Crude prices up after US inventories report

Crude oil prices were up Wednesday after the US Energy Information Administration reported that crude oil stockpiles in the United States dropped 4.7 million barrels last week, nearly 2 million more barrels of a decline than had been anticipated, but gasoline stockpiles added half a million barrels during the week ending 11 September and distillates in stock, including heating oil and diesel fuel, were up by 2.2 million barrels.

October contracts for West Texas Intermediate crude were up $1.14 to $72.07 per barrel in afternoon trade on the New York Mercantile Exchange, while Brent crude was up 69 cents to $70.55 per barrel on the ICE Futures Europe exchange in London.

Afternoon trade also saw Nymex October gasoline futures go up 5 cents to trade at $1.84 per gallon, while October natural gas was up again, adding 24 cents to $3.56 per million British thermal units.

Gold prices soared Wednesday as the US dollar weakened and on demand as investors look to protect their money after recent economic data, including gains in the US consumer and producer price indices and jumps in industrial production and in retail sales in August, have implied that inflation could increase soon.

December gold added $13.90 to trade at $1,020.20 per troy ounce to trade at its highest level in over a year, while December silver was up 43 cents to $17.43 per troy ounce and October platinum gained $29.80 to $1,349.90 per troy ounce.

Earlier, in late morning trade, December palladium added $3.70 to trade at $299.95 per troy ounce.

Among base metals, December copper traded 9 cents higher to $2.94 per pound in New York, while three-month copper traded at $6,376 per tonne during the session, nearly 3 percent higher than Tuesday’s close on the London Metal Exchange.

Grains prices were lower in Chicago, with December wheat down 2 cents to $4.68 per bushel while November soybeans fell 9 cents to $9.51 per bushel and December corn dropped 10 cents to $3.36 per bushel.

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