Oil prices opened pit trade more than 1% higher, but some bearish inventory data, which showed a surprise build of 360,000 barrels of crude oil, caused the commodity to give up that gain. Futures prices settled roughly $2 below their session highs at $76.56 per barrel with a 1.3% loss.
Natural gas prices also succumbed to a rather stiff selling effort. The commodity closed with a 1.7% loss fractionally below $4.50 per MMBtu. Natural gas inventory data is due tomorrow morning.
As for precious metals, gold prices finished flat at $1192 per ounce after a rather lackluster session of sideways trade. Meanwhile, silver prices managed to hold on to a solid gain and settle 0.6% higher at $17.80 per ounce. However, precious metals prices have been pressured in electronic trade as the U.S. dollar gains ground against competing currencies following comments about the economy and policy from Fed Chairman Bernanke and a selloff among stocks.
