Oil, metals prices see gains

Crude oil prices saw gains Tuesday on weakness in the US dollar, on comments from a Libyan official that prices are likely to rebound after recent steep declines, that Venezuela is ready to propose cuts in OPEC output if prices continue to decline, and on forecasts that US gasoline inventories fell again last week.

September contracts for West Texas Intermediate crude added $1.54 to $114.41 per barrel on the New York Mercantile Exchange, while Brent crude gained $1.11 to $113.05 per barrel on the ICE Futures Europe exchange in London.

In afternoon trade, Nymex September gasoline futures added 6 cents to $2.88 per gallon while October heating oil was also up 6 cents, to $3.18 per gallon and October natural gas traded even at $8 per million British thermal units.

Decmeber gold added $11.10 to $816.80 per troy ounce in New York trade on the possibility that the Federal Reserve could hold interest rates steady, while December silver held steady at $13.22 per troy ounce.

Among base metals, nickel was up $1,320 to $19,395 per tonne in London on news of a mine closure in the Dominican Republic, while December copper added 12 cents to $3.43 per pound in New York and three-month copper was up $220 to $7,575 per tonne on the London Metal Exchange.

Aluminium added $22 to $2,777 per tonne while zinc was up $86 to $1,746 per tonne, lead was $105 higher to $1,800 per tonne, and tin gained over $400 trade in a range around $19,750/$19,780 per tonne.

Grains prices were mixed, with December corn adding 12 cents to $5.85 per bushel on the Chicago Board of Trade while CBOT November soybeans were down 12 cents to $12.77 per bushel and September wheat dropped 15 cents to $8.44 per bushel.

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