Jobs news holds oil down, sends base metals lower

Crude oil prices rose, but only slightly, Friday on bad news on jobs that weakened the US dollar even though the International Energy Agency issued a report that raised the possibility that oil prices could soar again in years to come.

December contracts for West Texas Intermediate crude added 27 cents to $61.04 per barrel on the New York Mercantile Exchange while Brent crude for December delivery gained just a cent to $57.44 per barrel on the ICE Futures Europe exchange in London.

Nymex December gasoline futures added a cent to $1.35 per gallon while December heating oil gained 2 cents to $1.97 per gallon.

December gold was $2 higher to $734.20 per troy ounce at the close of floor trade in New York on the weaker dollar, while December silver dropped 9 cents to $9.96 per troy ounce and January platinum gained $13.70 to $852 per troy ounce.

Most base metals prices fell on the session.

December copper was down 3 cents to $1.70 per pound in New York while three-month copper was down $50 to $3,755 per tonne after earlier gains.

Zinc was down about $8 to trade at around $1,092 per tonne while aluminium dropped $79 to $1,960 per tonne, lead fell $98 to $1,361 per tonne and nickel plummeted approximately $405 to trade in a range around $10,975/$11,000.

Tin prices saw gains to trade around $14,600/$14,700 per tonne in London.

Wheat prices were mixed on the Chicago Board of Trade, with November soybeans adding 12 cents to $9.11 per bushel while December wheat fell a cent to $5.21 per bushel and December corn dropped 2 cents to $3.75 per bushel.

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