Oil, metals prices see gains

Crude oil prices were higher in volatile trade Friday.

March contracts for West Texas Intermediate crude closed $2.49 higher to $46.16 per barrel on the New York Mercantile Exchange while at last report Brent crude for March delivery added $1.77 to $47.16 per barrel.

In afternoon trade, Nymex February gasoline futures were down 2 cents to $1.07 per gallon while March heating oil added 6 cents to $1.41 per gallon and March contracts for natural gas traded 14 cents lower to $4.53 per million British thermal units.

Some of the gains came as investors bought commodities as safer investments than equities after most global equities markets saw declines.

March copper added 8 cents to $1.47 per pound in New York while three-month copper added $150 to $3,240 per tonne on the London Metal Exchange after an earthquake in Chile raised the possibility that supplies could be delayed by damage from the quake.

Precious metals prices were up as investors looked for safe places to put their cash as most global equities markets saw more declines during the day.

February gold added $37.50 to $896.30 per troy ounce in New York after heading over the $903 per troy ounce level for a short time in earlier trade, while March silver was up 60 cents to $11.96 per troy ounce and April platinum gained $23.10 to $963.50 per troy ounce.

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