Oil, metals prices on the rise as grains decline

After going as high as $109.48 per barrel during the session, West Texas Intermediate for May delivery closed up $2.78 to $109.01 per barrel on the New York Mercantile Exchange while May contracts for Brent crude was $2.24 higher to $107.17 per barrel on the ICE Futures Europe exchange in London.

Nymex May gasoline added 3 cents to $2.78 per gallon while May heating oil was up 9 cents to $3.08 per gallon and May natural gas jumped 47 cents to $9.80 per million British thermal units.

Prices gained after a European oil refiner said one of its diesel units will be closed for repairs through May after a fire on Friday and on a shipping stoppage in the Houston Shipping Channel due to fog in its northern reaches.

Precious metals prices were higher on Monday.

June gold added $13.80 in New York to $927 per troy ounce while silver was up 37 cents to $18.12 per troy ounce and July platinum was $17.50 higher to $2,048 per troy ounce.

In morning trade, palladium gained just over $10 to $454.50 per troy ounce.

Among base metals, May copper was up 3 cents to $3.98 per pound in New York trade.

In contrast, grains prices saw declines.

May corn on the Chicago Board of Trade was down 9 cents to $5.88 per bushel while CBOT May soybeans fell 23 cents to $12. 53 per bushel and May wheat dropped 45 cents to $9.29 per bushel.

Story link: Oil, metals prices on the rise as grains decline