Oil, metals prices gain on session

A threat against US interests from Kurdish rebels in northern Iran, another declaration from Iran that it will not give up its nuclear development program, and another attack by militants in Nigeria on oil facilities there all combined with a decline in the US dollar to send crude oil prices to a new record high at $120.36 per barrel in New York on Monday.

In afternoon trade in New York, June contracts for West Texas Intermediate crude was trading at $119.91 per barrel, $3.59 higher than Friday’s close.

Nymex June gasoline had added 8 cents to $3.04 per gallon while June heating oil was up 9 cents to $3.31 per gallon and June natural gas was 42 cents higher to $11.19 per million British thermal units.

Precious metals prices were also higher during the day on the dollar’s decline in relation to the euro.

In afternoon trade in New York, June gold was up $13.50 to $871.50 per troy ounce while July silver had added 42 cents to $16.88 per troy ounce and July platinum gained $25.90 per troy ounce to $1,906.50 per troy ounce.

Copper hit a new record high at $4.26 per pound in New York and later traded 13 cents above Friday’s close to $3.95 per pound at early afternoon in New York as the strike in Chile continued.

The London Metal Exchange was closed for the session due to a holiday.

In afternoon trade on the Chicago Board of Trade, July wheat had dropped 4 cents to $8.04 per bushel while July corn was down 18 cents to $5.95 per bushel and July soybeans were 19 cents lower to $12.85 per bushel.

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