Oil prices mixed as metals, grains see gains

West Texas Intermediate crude oil spent most of the session with prices higher Tuesday, but by the close of floor trade on the New York Mercantile Exchange, February contracts were 17 cents lower to $48.65 per barrel.

Prices were pushed upward by the continuing conflict between Russia and Ukraine over natural gas as several nations in the Balkans and southeast Europe saw their supplies from Russia cut off completely, with Bulgaria the hardest hit, as well as by news that Kuwait will implement oil production cuts in line with new, lower OPEC targets.

On the other hand, US inventories are expected to be reported higher Wednesday.

At last report, however, Brent crude for February delivery was up $1.43 to $51.05 per barrel.

Precious metals prices were higher in New York, with February gold adding $7.80 to $865.60 per troy ounce while March silver was up 18 cents to $11.45 per troy ounce and April platinum gained $10.60 to $968.20 per troy ounce.

Grains prices were higher on the Chicago Board of Trade as March corn was up 15 cents to $4.27 per bushel, March wheat added 25 cents to $6.42 per bushel and January soybeans gained 32 cents to $10.16 per bushel.

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