Crude oil, metals prices jump on data

Crude oil prices saw gains Wednesday after the US Energy Information Administration reported that crude oil and distillates inventories fell more than expected last week and gasoline stockpiles grew less than had been anticipated, while a weaker US dollar also boosted prices.

Crude oil inventories were down 3.7 million barrels in the US in the week ending 11 December, while distillates stockpiles fell 2.9 million barrels and gasoline inventories were up by 900,000 barrels.

January contracts for West Texas Intermediate crude were up $2.51 to $73.20 per barrel at around 1:30 p.m. local time on the New York Mercantile Exchange, while Brent crude was up $1.48 to $73.53 per barrel on the ICE Futures Europe exchange in London.

Nymex January gasoline futures were up 4 cents to $1.89 per gallon, while February heating oil gained 6 cents to $1.99 per gallon.

Copper prices were higher with gains coming on speculation that interest rates will remain low, while a new report from the US Commerce Department said that US housing starts were up 8.9 percent in November and issuance of new building permits, which indicate upcoming construction activity, were at their highest all year in November.

March copper added 6 cents to $3.21 per pound in New York trade, while three-month copper was up $165.75 to $7,060.75 per tonne on the London Metal Exchange, while other base metals also saw price gains in London trade.

Meanwhile, precious metals were also higher as February gold added $13.20 to $1,136.20 per troy ounce in New York, March silver was up 24 cents to $17.69 per troy ounce and January platinum gained $5.10 to $1,457.60 per troy ounce.

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