Crude, precious metals prices see gains

Crude oil prices saw slight gains Friday on a new report from the Commerce Department showing that the US economy contracted by 3.8 percent in the fourth quarter of 2008 and on speculation that the Organization of Petroleum Exporting Countries could add more production cuts to those already announced.

The gains were tempered by demand that continues to decline and numbers showing that there is nearly 16 percent more crude oil in storage in the United States than there was at the same time last year.

March contracts for West Texas Intermediate crude were up 24 cents to $41.68 per barrel on the New York Mercantile Exchange while Brent crude for March delivery added 80 cents to $46.20 per barrel on the ICE Futures Europe exchange in London.

In afternoon trade, Nymex March gasoline futures were up 4 cents to $1.28 per gallon and March heating oil added 2 cents to $1.44 per gallon but March natural gas was down 17 cents to $4.41 per million British thermal units.

March copper was up 1 cent to $1.47 per pound in afternoon trade in New York but prices for the metal dropped $65 to $3,165 per tonne, or $1.44 per pound, in trade on the London Metal Exchange, but overall copper prices were set to end the month with a gain of over 3 percent.

Meanwhile, among precious metals gold was up as investors looked for safe places to put their cash on fears that inflation will rise as governments take steps to boost their economies.

April gold added $22.50 to $929 per troy ounce in afternoon trade in New York, while March silver was up 44 cents to $12.58 per troy ounce and April platinum gained $16.40 to $989 per troy ounce.

Grains prices were mixed on the Chicago Board of Trade as March soybeans were up 9 cents to $9.80 per bushel but March corn was down 2 cents to $3.79 per bushel and March wheat dropped 10 cents to $5.86 per bushel.

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