Oil, precious metals prices higher

Crude oil prices were higher again Tuesday on supply concerns after a new report from the International Energy Agency and on geopolitical concerns after a US news report that a Pentagon official has said it is becoming more likely that Israel will attack Iran before the end of the year.

August contracts for West Texas Intermediate crude added 97 cents to $140.97 per barrel at the close of floor trade on the New York Mercantile Exchange after going as high as $143.33 earlier in the session, while Brent crude gained 68 cents to $140.54 per barrel.

Nymex August gasoline futures added 1 cent to $3.51 per gallon while August heating oil was up 3 cents to $3.94 per gallon and August natural gas gained 15 cents to $13.50 pr 1,000 square feet.

Metals prices were higher Tuesday as the US dollar declined slightly in relation to the euro and yen in afternoon trade in New York.

August gold added $16.70 to $945 per troy ounce while September silver gained 77 cents to $18.28 per troy ounce and October platinum was up $16.70 to $2,088.70 per troy ounce.

Among base metals, September copper was up 3 cents to $3.91 per pound in New York, while three-month copper added $96 to $8,606 per tonne, or $3.90 per pound, in London.

Grains prices were mixed on the session after December corn on the Chicago Board of Trade dropped 5 cents to $7.52 per bushel but wheat and soybeans were both higher.

CBOT September wheat was up 6 cents to $8.64 per bushel on the possibility that the weaker dollar will encourage more overseas sales of US crops and on forecasts that farmers in Argentina will plant less of the grain due to high costs and low rainfall.

Meanwhile, CBOT November soybeans gained 36 cents to $16.10, rising above the $16 level for the first time, on concerns that continuing flooding in the US Midwest could hurt crops.

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