Crude oil prices up; metals mixed at week’s end

Crude oil prices gained substantially over the week despite only small gains on Friday. Brent crude for July delivery added only 11 cents on the day to $71.47 per barrel, but still gained 4.2 percent over the week on the Intercontinental Exchange in London. Meanwhile, West Texas Intermediate crude for July delivery was 17 cents higher on Friday to $67.82 per barrel on the New York Mercantile Exchange. WTI gained 4.7 percent during the week.

Nymex gasoline and heating oil futures gained even more during the week. Nymex July gasoline was 4.2 cents higher on Friday to $1.2665 per gallon and added 6.6 percent on the week. July heating oil dropped slightly to $2.0158 per gallon Friday but added 2.6 percent over the week.

Meanwhile, metals prices were mixed. Among precious metals, gold was up 1.3 percent to $653.80 per troy ounce over the week, while platinum was trading at $1,278 per troy ounce in late London trade on Friday, a decline of 0.7 percent during the week.

Base metals were mostly up on the week, but nickel dropped 0.9 percent. Zinc added 2.9 percent during the week to $3,745 per tonne as inventories declined. Copper was 4.9 percent higher to $7,510 per tonne as one strike in Mexico was cancelled but other labor problems in Mexico and in Chile could adversely affect supplies.

Story link: Crude oil prices up; metals mixed at week’s end