Crude oil touches another record high

Crude oil prices were higher Friday on continuing worries about militant attacks in Nigeria and the situation in the Middle East, especially after rumors spread that the Israelis were conducting military exercises in Iraqi airspace.

Traders also worried about a 5-day strike by Brazilian oil workers, scheduled for next week, that could halt production at platforms accounting for over 80 percent of Brazil’s daily oil production.

August contracts for West Texas Intermediate crude touched a new record at $147.27 per barrel Friday before falling back to close at $145.06, still a gain of $3.41 over Thursday’s close, while Brent crude for August delivery added $1.52 to $143.55 per barrel.

Nymex August gasoline added 3 cents to $3.54 per gallon after setting a new record at $3.63 per gallon while August heating oil was up 4 cents to $4.07 per gallon and September natural gas was up to $13.69 per million British thermal units before falling 20 cents below Thursday’s close to $12.19 per mBtu.

August gold added $18.60 to $960.66 per troy ounce after going as high as $969.10 per troy ounce earlier in the session, while September silver gained 50 cents to $18.82 per troy ounce after equities markets and the US dollar both declined and on the gains in oil prices.

Among base metals, September copper was up 2 cents to $3.74 per pound in New York while three-month copper was $40 higher to $8,270 per tonne in London after stockpiles in London Metal Exchange warehouses dropped 725 tonnes to 124,125 tonnes on the session and on worries about another strike in Peru, scheduled to begin on July 16.

Grains prices were higher, with December corn on the Chicago Board of Trade adding 5 cents to $7.09 per bushel while November soybeans were up 9 cents to $15.96 per bushel and September wheat gained 12 cents to $8.30 per bushel.

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