WTI closes at new record

October contracts for West Texas Intermediate crude were 74 cents higher Tuesday to $78.23 per barrel, a new closing record on the New York Mercantile Exchange, while Brent crude had added 32 cents to $75.80 per barrel on the Intercontinental Exchange in London.

The gains came despite a surprise move by the Organization of Petroleum Exporting Countries decided Tuesday to raise crude oil production quotas by 500,000 barrels per day beginning November 1.

Nymex October gasoline traded even at $1.98 per gallon, while October heating oil had added 1 cent to $2.18 per gallon and October natural gas was 6 cents higher to $5.95 per million British thermal units.

Among agricultural commodities, December wheat on the Chicago Board of Trade was up 29.5 cents to $8.90 per bushel.

Corn was 4.75 cents lower to $3.41 per bushel ahead of a new US Department of Agriculture forecast which could project a bigger crop than the record harvest already anticipated.

Precious metals prices were higher in New York on Tuesday as the US dollar dropped to near record lows in relation to the euro.

December gold was up $8.90 to $721.10 per troy ounce, while December silver added 14 cents to $12.84 per troy ounce and October platinum gained $8.60 to $1,302.60 per troy ounce.

Base metals prices were also higher.

December copper was 13 cents higher in New York to $3.39 per pound on increased copper imports by China, while the price for three-month copper in London added 4.4 percent to $7,480 per tonne.

In other base metals, tin gained 3.6 percent to $15,250 per tonne on the London Metal exchange, while nickel added 1.8 percent but aluminium declined on higher inventories.

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