Brent crude closes above $90 per barrel

Crude oil prices were higher again on Monday on a falling dollar, a closure of some Mexican production due to bad weather, continuing tensions between Turkey and Iraq, and worries about winter supplies.

West Texas Intermediate for December delivery added $1.67 to $93.53 per barrel at the close of floor trade on the New York Mercantile Exchange, while Brent crude on the ICE Futures Europe exchange in London jumped $1.63 to $90.32 per barrel.

Nymex November gasoline added 5 cents to $2.33 per gallon, while December heating oil was up 3 cents to $2.48 per gallon and December natural gas jumped 17 cents to $7.97 per million British thermal units.

December gold went as high as $798.30 per troy ounce in New York at one point in the day’s trade before falling back to $792.60 per troy ounce, still a gain of $5.10 on the session.

Silver for December delivery also saw gains, adding 15 cents to $14.43 per troy ounce.

On the other hand, January platinum was down $3.60 on the New York Mercantile Exchange to $1,565.50 per troy ounce after going as high as $1,474.90 during the session, while December palladium dropped as well, falling 55 cents to $375.20 per troy ounce.

The price of copper dropped Monday after workers for Southern Copper (NYSE: PCU) came to a wage agreement with the company Saturday.

December copper in New York fell 2 cents to $3.52 per pound, while three-month copper on the London Metal Exchange was down $25 to $7,845 per tonne after rising as high as $7,969 per tonne earlier in the day as LME inventories rose to above 150,000 tonnes.

Among other base metals, zinc added just $5 to $2,905 per tonne while tin was up to $16,850 per tonne from $16,450/$16,500, but aluminium had dropped $13 to $2,525 per tonne while lead was down $20 to $3,640 per tonne and nickel fell $250 to $31,550.

Prices for grains rose on the Chicago Board of Trade.

CBOT December corn was up 4 cents to $3.76 per bushel, while January soybeans gained 15.5 cents to $10.2875 per bushel and December wheat added 28.5 cents, nearly its daily limit, to $8.285 per bushel.

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