WTI adds over $3 on session

West Texas Intermediate crude for January delivery was $3.31 higher to $97.95 per barrel on Nymex just before the close of floor trade, while January contracts for Brent crude gained $2.30 to $94.58 per barrel on the ICE Futures Europe exchange in London.

Meanwhile, the price of heating oil hit a new record high in New York on Tuesday as January contracts added 8 cents to $2.70 per gallon on the New York Mercantile Exchange.

Nymex December gasoline added 6 cents to $2.44 per gallon, while January natural gas dropped 32 cents to $7.83 per million British thermal units.

Precious metals prices were higher on Tuesday as the US dollar hit new lows versus both the euro and the Swiss franc.

December gold on the Comex division of the New York Mercantile Exchange added $13.50 to $791.50 per troy ounce while silver for December delivery was up 35 cents to $14.51 per troy ounce and January platinum gained $12.60 to $1,469.70 per troy ounce.

Base metals prices were mixed.

In New York, copper added 4 cents to $2.07 per pound on data showing that housing starts were up in the US in October, but three-month copper on the London Metal Exchange dropped $5 to $6,790 per tonne after dropping as low as $6,550 per tonne earlier in the session as LME inventories gained 350 tonnes.

Lead was up $10 to $3,050 per tonne while zinc gained $15 to close at $2.370 per tonne, aluminium was $35 higher to $2,544 per tonne and nickel added $100 to $30,300 per tonne.

Tin prices dropped to $16,405 per tonne.

Grains prices were higher at last report, with January soybeans on the Chicago Board of Trade adding 16 cents to $10.88 per bushel on the possibility that China will make it easier to import oilseed and vegetable oils by cutting tariffs.

March CBOT corn was up 3 cents to $3.98 per bushel, while December wheat gained 17 cents to $7.73 per bushel.

Story link: WTI adds over $3 on session