WTI, Brent higher on storm warning

Oil prices were higher on Monday after the US National Hurricane Center reported that a tropical depression has formed in the Atlantic Ocean and could strengthen into a hurricane by the time it approaches the Caribbean later this week.

Near the close of trade in New York, West Texas Intermediate crude for September delivery was 15 cents higher to $71.62 per barrel, while the price of Brent crude September contracts had added $1.10 to $71.49 per barrel.

Nymex September gasoline was down 2 cents to $1.94 per gallon and September heating oil traded even at $1.97, while October contracts for natural gas were down 4 cents to $7.02 per million British thermal units.

In other commodities, December coffee futures were up 0.1 cent to $1.2475 per pound at the close of trade on the New York Board of Trade on a drop in exports from Brazil, while earlier in the day cocoa prices were up $23 to $1,877 per metric ton on the possibility that the Ivory Coast will export fewer beans until the main harvest there begins.

September wheat was down again, falling 0.5 cent to $6.665 per bushel on the Chicago Board of Trade, while December corn dropped 1.5 cents to $3.49 per bushel and December oats were also down 1.5 cents, to $2.59 per bushel.

November soybeans added 10 cents to $8.8175 per bushel.

On the Chicago Mercantile Exchange, meanwhile, October live cattle added 0.5 cent to 95.05 cents per pound, while September feeder cattle gained 0.78 cent to $1.1535 per pound.

Also on the CME, October lean hogs were 0.6 cent higher to 71.4 cents per pound and February pork bellies added 2.15 cents to 95.5 cents per pound.

Metals prices were mixed.

Among precious metals, December gold dropped 70 cents on the session to $680.90 per troy ounce in New York trade, while September silver was 2 cents lower to $12.86 per troy ounce, October platinum added $7.80 higher to $1,287.10 per troy ounce in New York and September palladium was 5 cents lower to $358.15 per troy ounce.

Among base metals, September copper added 8.15 cents in New York to $3.41 per pound, while the London price was 1.5 percent higher to $7,559 per tonne as London Metal Exchange inventories were lower and as equities markets began to make gains, lessening concerns that economic growth declines could mean lower demand.

Other base metals also gained ground in London trade, including aluminium at 0.1 percent higher to $2,600 per tonne, while Nickel was up 2.4 percent to $27,400 per tonne and lead gained 3.8 percent to $3,010 per tonne.

Tin was lower for the fourth session in a row, falling 3.1 percent to $15,300 per tonne.

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