Crude oil prices mixed; most metals see gains

Crude oil prices were mixed on Friday. While several US refineries announced that they would restart after closures, tensions over the situations in Iran and Nigeria still caused concern.

Brent crude was 32 cents lower to $70.40 per barrel by late afternoon in London, while by mid-afternoon in New York July contracts for West Texas Intermediate crude had added $1.02 to $65.20 per barrel on the New York Mercantile Exchange. June Nymex gasoline gained 5 percent to $2.40 per gallon and July Nymex heating oil was up 1 cent to $1.95 per gallon. Natural gas futures, however, were 7 cents lower in New York, to $7.78 per million British thermal units.

Meanwhile, at-the-pump gasoline prices in the US dropped just slightly on Friday according the Automobile Association of America (AAA) survey. The decline came after 12 straight days of record high prices and was only 0.2 cent, down to a nationwide average of $3.225 per gallon, not enough of a decline that it will be easily noticed by drivers filling their tanks.

Still, more states saw declines in prices on the day than saw increases. Illinois drivers are now paying the most for their gaoline, at an average $3.532 per gallon, while drivers in New Jersey are paying the least with an average gallon of gasoline costing them just $2.957 per gallon.

Most metals prices were higher on the day as inventories of industrail metals fell in London. Copper added 3 percent on the London Metal Exchange, while lead gained 5 percent. Inventories were lower on all base metals with the exception of nickel and tin. Meanwhile, on the New York Mercantile Exchange, copper added 14 cents to close at $3.3205 per pound.

Gold gained $2 in New York at $655.30 per troy ounce as oil prices rose and the US dollar weakened on global currency markets. Silver was also higher, closing at $13 per troy ounce for a gain of 3 cents. The price of platinum fell, however, dropping $12.90 to close at $1,277.80 per troy ounce in New York.

The London Metal Exchange, the New York Mercantile Exchange, and the Chicago Board of Trade will all be closed on Monday due to holidays in the UK and the US.

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