Crude prices near record; platinum hits new high

Crude oil prices jumped to near-record levels in New York on Tuesday on concerns over what OPEC will do with production quotas and on a continuing dispute between Venezuela and the United States over oil.

March contracts for West Texas Intermediate crude added $4.55 to $100.05 per barrel just before the close of floor trade on the New York Mercantile Exchange, while Brent crude added $3.24 to $98.15 per barrel on the ICE Futures Europe exchange in London.

Nymex March gasoline added 11 cents to $2.60 per gallon and April heating oil was up 12 cents to $2.74 per gallon while April natural gas jumped 34 cents to $9.01 per million British thermal units.

Metals prices were also higher.

April platinum added $88.30 to $2,152 per troy ounce after going as high as $2,174 per troy ounce in overnight trade, a new record while April gold added $23.90 to $930 per troy ounce and March silver gained 39 cents to $17.51 per troy ounce.

Among base metals, May copper jumped 20 cents to $2.74 per pound and 3-month copper in London gained $81 to $8,055 per tonne on signs that demand is up in China after imports to China were 4.6 percent higher in January this year from the same period last year.

Grains prices were higher in Chicago, with May wheat on the Chicago Board of Trade up 5 cents to $10.47 per bushel.

CBOT May corn added 5.5 cents to $5.32 per bushel while May soybeans bgained 26.5 cents to $14.17 per bushel.

Story link: Crude prices near record; platinum hits new high