WTI, Brent gain on session

The price of crude oil rose as high as $108.14 in New York on Thursday after an explosion and fire damaged an oil pipeline in Iraq.

Reports varied, with some saying that the blast was caused by a bomb and others calling the cause unknown, while some said damage from the blast had reduced exports from Basra while others said that exports were unaffected.

By the end of floor trade on the New York Mercantile Exchange, West Texas Intermediate crude for May delivery was $1.68 higher to $107.58 per barrel, while Brent crude had added 98 cents to $104.97 per barrel on the ICE Futures Europe exchange in London.

Some prices for precious metals were higher after early declines on Thursday on gains by the US dollar versus the euro.

June gold was trading even at $954.20 per troy ounce near the close of floor trade in New York after being lower most of the session, while May silver added 17 cents to $18.55 per troy ounce and July platinum jumped $35.70 to $2,058.60 per troy ounce.

Among base metals, May copper added 15 cents to $3.87 per pound in New York trade after London Metal Exchange inventories dropped during the session and three-month copper in London added $290 to $8,470 per tonne.

Grains prices were mixed on the Chicago Board of Trade, where May corn added 3.25 cents to $5.55 per bushel but CBOT May wheat dropped 19 cents to $10.14 per bushel and May soybeans were 24.75 cents lower to $13.27 per bushel.

Story link: WTI, Brent gain on session