Crude prices above $46 per barrel

Crude oil prices were higher again on Friday as various geopolitical issues caused concerns among investors.

February contracts for West Texas Intermediate crude was up $1.74 to $46.34 per barrel on the New York Mercantile Exchange, while Brent crude for February delivery added $1.32 to $46.91 per barrel on the ICE Futures Europe exchange in London.

Nymex February gasoline futures added 5 cents to $1.11 per gallon, while February heating oil gained 4 cents to $1.48 per gallon.

The gains came as the conflict between Israel and Hamas continued in Gaza, with some concern that the violence there will spread regionally and upset oil production and shipments, and expectations that OPEC member nations will implement already-approved cuts in production, and on worries surrounding Russia’s refusal to send natural gas to Ukraine due to a contract dispute.

Most metals prices were also up on Friday.

February gold was down in New York trade, where it dropped $4.80 to $879.50 per troy ounce after the US dollar saw gains on the session.

March silver, on the other hand, added 20 cents to $11.49 per troy ounce while April platinum was up $5.20 to $946.70 per troy ounce and March palladium gained $3.60 to $192.30 per troy ounce.

Meanwhile, among base metals, March copper was up 5 cents to $1.46 per pound in New York trade while at late afternoon in London, three-month copper was up $180 to $3,250 per tonne.

At the same time three-month nickel gained $1,400, or 12 percent, to $13.100 per tonne even though nickel inventories on the London Metal Exchange were at their highest levels since 1995

Aluminium, lead and tin were all also higher.

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