Crude oil prices gain while metals remain mixed

Crude oil prices were higher on Monday amid concerns that Nigerian oil supplies could be disrupted after the presidential election there. International elections monitors have called the election a failure, citing accusations of vote rigging and demands for new elections from opposition parties there. June contracts for Brent crude added 63 cents to $67.12 per barrel, while West Texas Intermediate crude for June delivery gained 47 cents to $65.58 per barrel.

In early afternoon trade in New York, meanwhile, June Nymex gasoline had added 4 cents to $2.18 per gallon, while heating oil was also 4 cents higher to $1.88 per gallon. Additionally, natural gas was up 10 cents to $7.61 per million British thermal units.

Metals prices were mixed on the session, with gold falling 0.3 percent to $689.10 per troy ounce. Palladium was lower as well as it dropped 0.5 percent to $380 per troy ounce. Platinum, however, was 1.5 percent higher on the session to $1,315 per troy ounce after going as high as $1,330 per troy ounce during the session.

Among base metals, copper prices were 0.7 percent higher to $8,007.5 per tonne after dropping to as low as $7,850 per tonne in earlier trade. The declines came after worries about supply disruptions in Indonesia faded and gains were helped by news of record refined copper imports in China in March.

Nickel prices added 1.4 percent to $49,400 per tonne as inventories remained very low in London Metal Exchange warehouses even though there was some evidence of off-market increases in inventories.

Tin prices were steady at $13,800 per tonne on the news that nine Indonesian smelters have received government export permits after those permissions were pulled last year.

Story link: Crude oil prices gain while metals remain mixed