Oil, gold prices rise

Crude oil prices jumped on Monday after declines early in the session. August contracts for Brent crude added $1.09 to $72.50 per barrel on the Intercontinental Exchange. Meanwhile, by mid-afternoon in New York, West Texas Intermediate crude for August delivery added 14 cents to $70.82 per barrel on the New York Mercantile Exchange. Prices were up on new US military reports that Iran has been supporting Iraqi militants by sending Lebanese Hezbollah fighters into Iraq and by helping in the planning of operations there. In addition, the announcement that a refinery in Kansas had been closed due to flooding tended to send prices higher even though there are signs that more facilities are returning to production.

Despite the gain in crude oil prices, Nymex August gasoline was less than half a cent lower to $2.2385 per gallon after losing as much as 4 cents per gallon earlier in the session. At the pump prices for gasoline in the United States also continued to decline, falling to an average of $2.957 per gallon according to the latest survey, a decline of 27 cents from its peak in May. Prices for natural gas were also lower, down 4.3 cents to $6.73 per 1,000 cubic feet. Nymex August heating oil, however, added 1.91 cents to $2.0615 per gallon.

In metals markets, August gold was $8.30 higher in New York on Monday to trade at $659.20 per troy ounce as investors looked for safe places to put their money in the wake of the weekend’s terrorist attacks and attempted attacks in the UK. September silver was also higher, adding 27 cents to $12.74 per troy ounce, while October platinum gained $8.60 to $1,295.10 per troy ounce. Among base metals, September copper added 8 cents to $3.53 per pound in New York trade.

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