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Crude Oil & Copper Drop, Precious Metals Fare Better

March 18, 2015 at 11:44 by Vladimir Vyun

Crude oil dropped today after the release of a bearish private supply report. American Petroleum Institute reported that Cushing oil stockpiles expanded by 3 million barrels to a new record high. April futures for WTI crude oil declined 2.95 percent to $42.18 per barrel as of 11:20 on NYMEX today. Brent crude for delivery in May tumbled 2.25 percent to $53.44 per barrel on ICE.

Precious metals fared better with the exception of silver that fell. Traders were purchasing safer assets ahead of the Federal Reserve’s policy announcement that is scheduled for 18:00 GMT today. Sill, most experts think that the rally will come to an end after the Fed release its statement. Contract for delivery of gold in April ticked up 0.11 percent to $1,149.50 per troy ounce on COMEX today. May futures for silver fell 0.24 percent to $15.54 per ounce.

If you have any questions and comments on the commodities today, use the form below to reply.

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