The price of oil and other major commodities fell broadly Tuesday, following the stock market lower as traders worry about global central banks pulling back on economic stimulus.
Benchmark oil for July delivery fell 39 cents to close at $95.38 a barrel in New York. It dropped as low as $94.04 at one point.
Copper, palladium and other metals also fell. Investors were rattled by a decline overnight in Japan, where the central bank governor disappointed markets by not promising new measures to shore up the nation’s economy.
Copper for July delivery fell 4.6 cents, or 1.4 percent, to $3.195 a pound.
Gold for August delivery fell $9, or 0.6 percent, to $1,377 an ounce. Silver fell 27.9 cents, or 1.3 percent, to $21.646 an ounce.
Platinum for July fell $27, or 1.8 percent, to $1,479.90 an ounce, and palladium for September delivery fell $16.90, or 2.2 percent, to $752.50 an ounce.
Crop prices rose.
The actively traded December contract for corn was up 4.75 cents to $5.5075 a bushel.
Wheat for July delivery rose 7 cents to $6.9675 a bushel, and soybeans for July rose 28.75 cents to $15.4050 a bushel.
In other energy trading, wholesale gasoline fell 3 cents to end at $2.82 a gallon, heating oil fell 3 cents to finish at $2.86 per gallon, and natural gas dropped 8 cents to end at $3.72 per 1,000 cubic feet.