WTI, Brent add about $2 per barrel on session

Crude oil prices were higher Friday ahead of a meeting of representatives of the OPEC nations, where it is likely that the oil cartel will cut output by around 1 million barrels per day in hopes of slowing the fall of prices.

November contracts for West Texas Intermediate crude added $2 to $71.85 per barrel on the New York Mercantile Exchange in New York, while Brent crude gained $2.16 to $70 per barrel on the ICE Futures Europe exchange in London.

Nymex November gasoline was up 4 cents to $1.67 per gallon while December heating oil added 5 cents to $2.16 per gallon and January natural gas gained 8 cents to $7.22 per million British thermal units.

Base metals prices were mixed Friday with lead $100 to $1,460 per tonne in London trade on a decline in London Metal Exchange inventories that fell 1,650 tonnes on the session.

Decmeber copper was also up, adding 9 cents to $2.18 per pound in New York and gaining $146 to $4,806 per tonne in London while aluminium added $45 to $2,225 per tonne and zinc added $45, to $1,225 per tonne.

Nickel dropped about $100 to $10,850 per tonne and tin fell by approximately $500 to $13,500 per tonne.

December gold was $16.80 lower to $787.70 per troy ounce in New York while December silver fell 30 cents to $9.34 per troy ounce, also in New York and January platinum dropped $10.30 to $881 per troy ounce.

Meanwhile, grains prices were higher on the Chicago Board of Trade as December wheat added 11 cents to $5.66 per bushel, December corn was up 18 cents to $4.03 per bushel and November soybeans gained 27 cents to $8.94 bushel.

Story link: WTI, Brent add about $2 per barrel on session