Crude oil, metals prices lower on data

November contracts for West Texas Intermediate crude were down 46 cents to $70.15 per barrel at just past 2 p.m. in New York, while at last report, Brent crude was down 55 cents to $68.52 per barrel on the ICE Futures Europe exchange in London.

The declines came on continuing demand concerns after first-time jobless claims grew by 16,000 to 551,000 in the US last week and as tensions eased over the conflict between Iran and Western nations over Iran’s uranium enrichment program.

Natural gas prices fell after the US Energy Information Administration said that stockpiles were up to 3.589 trillion cubic feet last week, the most in storage since records began to be kept in 1975 and nearly enough to fill available storage facilities.

In afternoon trade in New York, November contracts for natural gas dropped 34 cents to $4.50 per million British thermal units.

Nymex November gasoline futures were down 2 cents to $1.73 per gallon while November heating oil fell 3 cents to $1.80 per gallon.

December gold was down $8.90 to $1,000.40 per troy ounce on declines in demand and as the US dollar strengthened, while December silver fell 19 cents to $16.47 per troy ounce and January platinum was $13.60 lower to $1,289.30.

Earlier, in late morning trade, December palladium which, like platinum is used in jewelry-making and in the manufacturing of pollution control devices for motor vehicles, had dropped $4.40 to $294.80 per troy ounce.

Among base metals, December copper fell 8 cents to $2.74 per pound in New York trade, while three-month copper dropped $163 to $5,996 per tonne on the London Metal Exchange on reports showing that manufacturing activity in both China and the United States grew less than anticipated last month and as Chinese markets closed and will remain shut until 8 October for observation of public holidays.

Other base metals were also down in London trade.

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