Crude oil prices rise, metals mixed

Prices for crude oil, gasoline and heating oil were higher on Friday on supply concerns. Nymex August gasoline added 3 cents to $2.24 per gallon with inventories declining last week, even before the height of the US summer driving season. Meanwhile, Nymex August heating oil gained 2 cents to $2.04 per gallon. There are worries that winter supply will not be sufficient with stockpiles at 40 percent below last year‘s level. August contracts for Nymex natural gas were up, by 12 cents to $6.77 per million British thermal units.

Brent crude for July delivery was 66 cents higher to $71.18 per barrel, while August contracts for West Texas Intermediate crude closed at $1.11 to $70.68 per barrel on the New York Mercantile Exchange. The last time WTI closed above $70 was on 31 August 2006.

Earlier in London, copper prices were 1.6 percent over the week as traded at $7,560 per tonne on Friday on the London Metal Exchange. Most of the gains came on strikes and threats of strikes in Latin America. Lead added $2,658 per tonne, a gain of 4.6 percent on the week but below Tuesday’s new record high on of $2,730 per tonne.

Meanwhile, in early afternoon trade in New York, precious metals prices were mixed. August gold gained 50 cents to trade at $650.90 per troy ounce. October platinum was 50 cents higher to $1,286.50 per troy ounce. However, September silver dropped 3 cents to $12.47 per troy ounce.

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