WTI hits new record high as OPEC holds quotas steady

Crude oil hit a new record high Wednesday as the Organization of Petroleum Exporting Countries held production quotas steady at a meeting in Vienna and tensions remained high in South America between Venezuela and Colombia.

West Texas Intermediate crude for April delivery hit a new record at $104.52 per barrel, up $5.00 at the close of floor trade on the New York Mercantile Exchange, while April contracts for Brent crude added $3.76 to $101.28 per barrel on the ICE Futures Europe exchange in London.

Nymex April gasoline was up 12 cents to $2.65 per gallon while April heating oil was 15 cents to $2.94 per gallon and April heating oil gained 40 cents to $9.75 per million British thermal units.

Also tending to send prices higher was the weekly US inventories report form the Energy Information Administration showed crude oil stockpiles down 3.1 million barrels last week, while distillates inventories dropped 2.4 million barrels but gasoline stockpiles were up by 1.7 million barrels.

Precious metals prices were higher as well.

April gold was $21.40 higher to $988.50 per troy ounce in New York while May silver was also higher, adding 95 cents to $29.79 per troy ounce, with April platinum gained $9.10 to $2,276.10 per troy ounce.

Among base metals, May copper added 14 cents to $3.98 per pound in New York while three-month copper was $264 higher to $8,674 per tonne in London.

Grains prices were higher in Chicago.

May soybeans on the Chicago Board of Trade added a quarter cent to $15.11 per bushel while CBOT May corn added 14.5 cents to $5.69 per bushel and May wheat gained 22 cents to $11.10 per bushel.

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