Crude peaks above $129 per barrel

Crude oil prices hit yet another new record Tuesday in New York at $129.60 per barrel after the president of OPEC said production quotas will not be raised at least until the group’s next meeting, set for September.

June contracts for West Texas Intermediate crude was still up $2.02 to $129.07 per barrel at the end of floor trade on the New York Mercantile Exchange, while Brent crude for July delivery was up $2.39 to $127.45 per barrel.

At last report, Nymex June gasoline was 5 cents higher to $3.29 per gallon while July heating oil had added 10 cents to $3.78 per gallon and July natural gas jumped 24 cents to $11.36 per million British thermal units.

June gold added $14.50 to $920.30 per troy ounce in New York while July silver gained 65 cents to $17.68 per troy ounce on a weaker dollar and higher oil prices, but July platinum dropped $8.20 to $2,150 per troy ounce.

Meanwhile, July copper added 1 cent to $3.78 per pound in New York but three-month copper dropped $3 to $8,312 per tonne in London, with gains in New York coming on the possibility that the weakness of the dollar could boost demand as investors look for ways to protect their money from inflation.

Grains prices were mixed, with July soybeans down 1 cent to $13.31 per bushel on the Chicago Board of Trade and CBOT July wheat dropped 7 cents to $7.84 per bushel on dry weather that has hurt winter wheat crops in the US.

On the other hand, CBOT July corn added 3 cents to $5.89 per bushel on slow US crop growth as temperatures remain cool and the ground remains wet in the Midwest growing region, where planting and the number of plants emerging from the ground both remain behind five year averages, causing concerns about yields.

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