WTI sets closing high; Brent at new record

June contracts for West Texas Intermediate crude ended the floor session up 16 cents to $123.69 per barrel on the New York Mercantile Exchange for a new record closing price while Brent crude for June delivery rose to a record high of $123.17 per barrel before easing back slightly to close 81 cents over Wednesday’s price to $123.13 per barrel.

New York gasoline and heating oil futures also set new records as Nymex June gasoline added nearly 2 cents to $3.13 per gallon, just below a new record of $3.14 per gallon set earlier in the session, while June heating oil jumped 6 cents to $3.51 per gallon, just off a new record also set earlier in the session.

Metals prices were mixed Thursday, with precious metals prices up and base metals mostly on the decline.

June gold added $10.80 to $882 per troy ounce while July silver was up 27 cents to $16.96 per troy ounce and July platinum surged $73.30 to $2,042.30 per troy ounce.

Among base metals, copper dropped 5 cents to $3.79 per pound in New York while the metal fell $130 to $8,300 per tonne in London.

Zinc was down $32 to $2,320 per tonne while aluminium dropped $49 to $2,875 per tonne, lead fell $100 to $2,300 per tonne and nickel was $800 lower to $27,700 per tonne, while tin advanced to $24,500 per tonne on the session.

Grains prices were also mixed, with most higher but with July soybeans falling 1 cent in afternoon trade to $13.08 per bushel on the Chicago Board of Trade.

CBOT July rough rice added the maximum exchange-imposed limit of 75 cents to $22.35 per 100 pounds on the news that 5,000 square kilometers (1,930 square miles) of farmland was flooded by the Myanmar cyclone, further tightening already-scarce supplies.

July wheat on the Chicago Board of Trade added 13 cents to $8.21 per bushel after going as high as $8.37 per bushel earlier on the possibility that lower prices recently will increase demand from cereal producers and flour millers, while CBOT July corn gained 17 cents to $6.30 per bushel.