WTI trades at $80.55 per barrel

The price of West Texas Intermediate crude for October delivery sat at a new high of $80.55 per barrel, a gain of $1.45 in afternoon trade on the New York Mercantile Exchange, while Brent crude was also higher, adding 60 cents to $76.81 per barrel on the Intercontinental Exchange in London.

Prices were propelled by comments made by France’s foreign minister that his country needs to prepare for war with Iran, considering its ongoing nuclear program.

Nymex October gasoline was 1 cent higher to $2.05 per gallon, while November heating oil traded even at $2.22 per gallon and November natural gas gained 27 cents to $7.32 per million British thermal units.

Precious metals prices were higher in New York on Monday.

December gold added $6 to $723.80 per troy ounce after going as high as $728.90 per troy ounce earlier in the session.

Meanwhile, December silver was 20 cents higher to $12.90 per troy ounce and October platinum gained $3.40 to $1,302.60 per troy ounce.

Among base metals, December copper added 3 cents to $3.42 per pound in New York but gains were limited by a report showing that manufacturing activity in New York dropped back more than had been anticipated in September.

In London base metals prices were mixed, with nickel up but zinc and copper seeing declines.

Prices for grains were up on the New York Board of Trade, where November soybeans added 13.75 cents to $9.68 per bushel and Decmeber corn was 3.25 cents higher to $3.52 per bushel.

Corn was higher on the possibility that livestock producers will turn to that grain as a cheaper alternative to feeding more expensive wheat to their animals.

In midday trade, wheat had added 24 cents to $8.70 per bushel.

Livestock prices, however were lower.

December live cattle dropped 0.6 cent to 98.55 cents per pound on the Chicago Mercantile Exchange on concerns that US slaughterhouses will cut purchases after prices rose last week.

December lean hogs were 1.48 cents lower to 67.15 cents per pound after China banned shipments from a plant in Manitoba in possible reaction following stepped-up inspections after questions about the quality of Chinese products.

Story link: WTI trades at $80.55 per barrel