Crude prices up ahead of US inventories report

Crude oil prices were higher Tuesday on promises from both major US political parties that a bailout will be approved for the US financial sector and ahead of the weekly US inventories report, due Wednesday, which is expected to show crude oil stockpiles up but gasoline and distillates in storage down again last week.

West Texas Intermediate crude for November delivery added $4.31 to $100.68 per barrel on the New York Mercantile Exchange while November contracts for Brent crude were up $4.23 to $98.21 per barrel on the ICE Futures Europe exchange in London.

Nymex November gasoline futures were 8 cents higher to $2.47 per gallon and November heating oil was up 11 cents to $2.87 per gallon while November natural gas gained 21 cents to $7.43 per million British thermal units.

Precious metals prices fell on a stronger dollar versus the euro and gains for equities markets in Europe and the United States.

December gold was down $13.60 to $880.80 per troy ounce in New York trade, while December silver fell 75 cents to $12.28 per troy ounce and January platinum dropped $56.40 to $1,028.50 per troy ounce.

Among base metals, December copper was 3 cents lower to $2.88 per pound in New York, while three-month copper dropped $70 to $6,370 per tonne in London.

The price of wheat on the Chicago Board of Trade was higher as crops looked to be smaller than expected, with December wheat 12 cents higher to $6.80 per bushel.

On the other hand, CBOT December corn was down 25 cents to $4.87 per bushel, while November soybeans dropped 49 cents to $10.45 per bushel on crops that were larger than had been anticipated.

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