Brent crude gains on BP delay announcement
by Elaine Frei
Crude oil prices were mixed on Tuesday, as Brent crude gained on the news that BP will have to delay the launch of production at its Thunder Horse facility in the Gulf of Mexico but West Texas Intermediate was slightly lower in the middle of the trading day. The news of the delay was seen as much more significant than BP’s earlier pipeline problems in Prudhoe Bay, Alaska.
November delivery Brent added 18 cents to $64.23 per barrel in London, while WTI October contracts were down 3 cents to $63.77 per barrel on the New York Mercantile Exchange. With October WTI closing at the end of trade Wednesday, November delivery WTI dropped 5 cents to $64.40 per barrel.
In the metals markets on Tuesday, precious metals saw declines while the price of base metals were up. Copper added 0.5 percent to $7,490 per tonne on continuing supply and strike worries, while Nickel gained 4.3 percent to $27,750 per tonne.
Gold dropped 1.4 percent to $580.10 per troy ounce ahead of a decision from the US Federal Reserve on interest rates, due Wednesday. Silver declined by 1.8 percent to $10.93 per troy ounce, while platinum was 0.5 percent lower to $1,152 per troy ounce and palladium remained even at $307 per troy ounce.
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