New record for crude oil

West Texas Intermediate crude oil rose as high as a new record $122.73 per barrel in trade on the New York Mercantile Exchange on Tuesday before easing back to close at $121.84, still $1.87 higher than Monday’s close.

Nymex June gasoline was up 6 cents to $3.11 per gallon after setting a new record at $3.126 per gallon earlier in the session, while June heating oil added 5 cents to $3.36 per gallon but natural gas dropped 3 cents to $11.15 per million British thermal units.

June gold added $3.40 to $877.50 per troy ounce just before the close of floor trade in New York, while July silver was up 3 cents to $16.86 per troy ounce and platinum soared $42.40 to $1,969.80 per troy ounce as investors bought precious metals as a hedge against inflation after the rise in oil prices.

Among base metals, however, copper dropped 7 cents to $3.88 per pound in New York after a vote by workers ended a strike that had closed three mines in Chile.

Grains prices were mixed, with July soybeans on the Chicago Board of Trade down 9 cents to $12.77 per bushel while corn and wheat prices both saw gains.

CBOT July corn added 12 cents to $6.06 per bushel on slow planting of US crops due to wet weather.

According to the US Department of Agriculture, only around 27 percent of the US corn crop was in the ground as of May 4, as opposed to an average of 59 percent planted by this time in the past five years.

CBOT July wheat also added 12 cents, to $8.18 per bushel, on the possibility that low prices last week could create more demand for US crops.

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