WTI, Brent crude see price gains

Crude oil prices saw gains Thursday on optimism that a bailout of the US financial sector will be agreed soon, helping the economy and possibly also aiding demand for oil and oil products.

Also sending prices higher as the possibility of supply disruptions in several regions as a refinery unit was shut in the Netherlands and Chevron (NYSE: CVX) faced a strike by workers in Nigeria.

November contracts for West Texas Intermediate crude added $2.28 to $108.01 per barrel at the close of floor trade on the New York Mercantile Exchange while Brent crude for November delivery gained $2.32 to $104.77 per barrel on the ICE Futures Europe exchange in London.

Nymex October gasoline futures were up 10 cents to $2.69 per gallon.

Among base metals, the price of nickel fell $50 to $17,150 per tonne in London on higher inventories and a prediction that production will exceed demand through 2012.

December copper added 3 cents to $3.13 per pound in New York while three-month copper added $25 to $6,930 per tonne in London, while aluminium added $6 to $2,509 per tonne, zinc was $10 higher to $1,800 per tonne, lead gained $20 to $2,015 per tonne and tin traded around $300 higher to $17,600 per tonne.

On the other hand, precious metals prices declined as December gold was down $13 to $882 per troy ounce while December silver fell 17 cents to $13.28 per troy ounce and January platinum dropped $39.80 to $1,191.20 per troy ounce.

Chicago Board of Trade grains prices were mixed as CBOT December wheat added 6 cents to $7.36 but December corn and November soybeans each dropped 4 cents, to $5.58 per bushel and $11.83 per bushel respectively.

Story link: WTI, Brent crude see price gains