Oil, metals prices gain; soybeans decline

Prices for crude oil spiked to a new high in New York Monday on closures due to strikes in Scotland and Nigeria and on threats of more militant action against oil facilities in Nigeria.

West Texas Intermediate touched $110.39 per barrel in overnight trade before trading at $118.70 per barrel, a gain of 18 cents over Friday’s close in afternoon trade on the New York Mercantile Exchange, while Brent crude added 38 cents to $116.72 per barrel on the ICE Futures Europe exchange in London.

Nymex May gasoline futures dropped 2 cents to $3.03 per gallon and June heating oil traded about even at $3.29 per gallon while June natural gas added 23 cents to $11.34 per million British thermal units.

Metals prices were higher on Monday.

June gold added $6 to $895.70 per troy ounce in New York as investors looked for hedges against inflation, while July silver was up 19 cents to $17.15 per troy ounce and July platinum added $10.60 to $1,978.60 per troy ounce.

Meanwhile, copper added 2 cents to $3.93 per pound in New York as investors worried about supply issues in light of continuing mine closures due to strikes in Chile.

Soybeans were 42 cents lower to $12.83 per bushel on the Chicago Board of Trade on the possibility that farmers will plant more soybeans in the US as corn planting is delayed by bad weather.

Only around 4 percent of the US corn crop was in the ground by April 20, according to the US Department of Agriculture.

CBOT May corn added 22 cents to $6 per bushel, while May wheat gained 25 cents to $8.26 per bushel.

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