WTI, Brent crude prices see gains

Crude oil prices gained Monday after last week’s declines after officials in the US and Europe announced more details about plans to help banks in hopes of easing the credit crisis.

November contracts for West Texas Intermediate crude added $3.46 to $81.16 per barrel on the New York Mercantile Exchange while Brent crude for November delivery gained $2.97 to $77.06 per barrel.

Nymex November gasoline futures were up 7 cents to $1.88 per gallon while November heating oil added 10 cents to $2.31 per gallon and November natural gas gained 15 cents to $7.34 per million British thermal units.

December copper was 17 cents higher to $2.31 per pound in New York and three-month copper jumped $315 to $5,115 per tonne in London on closure of a mill at Chile’s biggest copper mine.

Aluminium added $35 to $2,250 per tonne while zinc was up $40 to $1,480 per tonne, while lead was $90 higher to $1,565 per tonne, tin added $475 to $14,525 per tonne and nickel gained $625 per tonne.

At last report, December gold had dropped $24.80 to $834.20 per troy ounce in New York after equities markets gained globally, cutting demand for the precious metal as a safe haven, but December silver added 13 cents to $10.73 per troy ounce.

Grains prices were up on the Chicago Board of Trade on the possibility that help for banks could ease the credit crisis and push demand for US crops higher.

CBOT December corn added 3 cents to $4.11 per bushel while November soybeans were up 18 cents to $9.28 per bushel and December wheat gained 25 cents to $5.88 per bushel.

Story link: WTI, Brent crude prices see gains