Crude oil ends week higher

Crude oil prices touched a new record at $127.82 per barrel Friday on a combination of new forecasts for crude prices for the second half of the year, the possibility of increased demand for diesel in China as it rebuilds after this week’s destructive earthquake there, and on a rebuff from Saudi Arabia after US President George W. Bush again asked the Saudis to increase oil production.

In afternoon trade, West Texas Intermediate crude for June delivery was up $2.38 from Thursday’s close to trade at $126.50 per barrel on the New York Mercantile Exchange while Brent crude was up $2.03 to $124.66 per barrel in London on the ICE Futures Europe exchange.

Nymex June gasoline had added 4 cents to $3.21 per gallon and July heating oil was up 8 cents to $3.71 per gallon while July natural gas had dropped 22 cents to $22.34 per million British thermal units.

Precious metals prices rose on Friday as the dollar weakened and on the new record high oil prices.

June gold added $20 to $900 per troy ounce near the end of floor trade in New Yirk while July silver was up 29 cents to $16.97 per troy ounce and July platinum was $55.10 higher to $2,132 per troy ounce.

Among base metals, July copper added 9 cents to $3.83 per pound in New York while three-month copper gained $141 to $8,437 per tonne in London on concerns that workers in Chile could re-ignite a strike there that had been believed to be settled earlier this month.

Grains prices were mixed on the Chicago Board of Trade, with July wheat up 5 cents to $7.77 per bushel and July soybeans 31 cents higher to $13.79 per bushel even as July corn fell 8 cents to $5.90 per bushel and July rough rice dropped 24 cents to $20.10 per 100 pounds.

Story link: Crude oil ends week higher