Price of crude oil hits record in New York

West Texas Intermediate Crude oil for November delivery was at a new record high of $85.35 per barrel at 12:30 p.m. Eastern Daylight Time Monday and rose even higher to end floor trade at $86.13 per barrel, a gain of $2.44 on the session.

It was the first time WTI had breached the $86 per barrel level.

Meanwhile, Brent crude added 94 cents to $81.49 per barrel on the Intercontinental Exchange in London.

The gains prompted Citigroup analysts to say that it is now a reasonable supposition that oil will make at attempt to reach the $90 per barrel level.

At last report, Nymex November gasoline was 5 cents higher to $2.14 per gallon, while December heating oil had added 4 cents to $2.30 per gallon and January natural gas was up 23 cents to $8.28 per million British thermal units.

Among precious metals, December gold was $8.70 higher to $762.50 per troy ounce after the euro gained on the US dollar again and as crude oil hit another new record high in New York.

January platinum, meanwhile, added $9.20 to $1,426 per troy ounce, but December silver dropped 4 cents to $13.86 per troy ounce after early gains on the session.

Base metals prices were mixed as well.

Three-month copper in London was up as much as $201 to $8,261 per tonne on Monday before it fell back to $8,150 per tonne, still $90 higher on the day, while in New York December copper added 3 cents to $3.69 per pound.

The gains in copper prices came even though inventories in London Metal Exchange warehouses 1,500 tonnes higher.

Zinc was also higher, adding $15 to $3,140 per tonne in London, but aluminium dropped $12 to $2,493 per tonne while lead was down $20 to $3,800 per tonne and nickel fell $50 to $31,950 per tonne.

December corn on the Chicago Board of Trade gained 11 cents to trade at $3.62 per bushel and CBOT November soybeans gained 10.25 cents to $9.87 per bushel, but December wheat fell 24 cents to $8.335 per bushel on the session.

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