Oil sinks to 4-month low; gold, silver slip

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Associated Press

Posted on October 23, 2013 at 3:02 PM

Updated Thursday, Oct 24 at 12:00 AM

The price of oil fell to its lowest level since late June Wednesday on ample U.S. supplies and poor demand.

Precious metals edged lower and crop prices rose.

Crude for December delivery fell $1.44 to $96.86 a barrel in New York. Oil has fallen 5 percent over the last week.

The government reported that U.S. crude oil inventories rose by 5.2 million barrels over the past week.

In other energy trading, wholesale gasoline fell 6.5 cents to close at $2.552 a gallon, natural gas rose 3.8 cents to close at $3.619 per 1,000 cubic feet and heating oil fell 7.4 cents to close at $2.923 a gallon.

Gold for December delivery fell $8.60 to $1,334 an ounce. Silver fell 17.3 cents to $22.617 an ounce.

Other metals also fell. High grade copper for December fell 6.8 cents to $3.2675 a pound. December palladium fell $6.80 to $746.10 an ounce. Platinum for January delivery fell $11.10 to $1,439.60 an ounce.

In agricultural futures, December corn rose 4.5 cents to $4.4275 a bushel. November soybeans rose 7.75 cents to $13.10 a bushel and December wheat edged up 1 cent to $7.0175 a bushel.

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