OPEC, Bernanke comments push oil prices higher

Crude oil prices were higher Tuesday after prices fluctuated between gains and losses during the New York session.

At the close of floor trade in New York West Texas Intermediate crude’s February contracts were 37 cents higher to $37.96 per barrel, while at last report, Brent crude for February delivery was trading up $1.29 to $44.20 per barrel on the ICE Futures Europe exchange in London.

In afternoon trade, Nymex February gasoline futures were up 3 cents to $1.11 per gallon and February heating oil added 4 cents to $1.51 per gallon, but March natural gas dropped 32 cents to $5.20 per million British thermal units.

The gains came on an announcement from Saudi Arabia that it will cut production further than required by lower quotas set by the Organization of Petroleum Exporting Countries and on upbeat comments from US Federal Reserve President Ben Bernanke.

Precious metals prices were lower, with February gold down 30 cents to $820.70 per troy ounce at the end of floor trade in New York while March silver dropped 7 cents to $10.68 per troy ounce and April platinum fell $17.90 to $945.10 per troy ounce.

Meanwhile, March copper added 6 cents to $1.55 per pound in New York trade.

Grains prices were mixed on the Chicago Board of Trade.

CBOT March wheat was up a cent to $5.70 per bushel and January soybeans added 15 cents to $9.69 per bushel, but March corn dropped 18 cents in afternoon trade to $3.62 per bushel.

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