Oil, precious metals, grains prices up as base metals decline

Crude oil prices were higher Thursday as equities markets saw gains and fuel demand grew slightly in the US, and even though the US Labor Department said that new jobless claims were up by 35,000 last week to 626,000, the most in a week in over 26 years.

March contracts for West Texas Intermediate crude was up 85 cents to $41.17 per barrel on the New York Mercantile Exchange while at last report Brent crude for March delivery had added $1.80 to $45.95 per barrel on the ICE Futures Europe exchange in London.

In afternoon trade, Nymex March gasoline futures were up 3 cents to $1.25 per gallon while March heating oil added 2 cents to $1.35 per gallon and March natural gas gained 7 cents to $4.67 per million British thermal units.

Base metals prices were lower Thursday on concerns that demand will continue to decline.

March copper was down 3 cents to $1.50 per pound in New York while three-month copper dropped $65 to $3,350 per tonne in London after an analyst report said that refined copper production will outstrip demand by 915,000 tonnes this year.

Zinc prices fell $38 to $1,142 per tonne as LME inventories added 2,350 tonnes on the session, while aluminium dropped $6 to $1,433 per tonne, lead was down $40.25 to $1,149.75 per tonne, nickel was $200 lower to $11,450 per tonne, and tin dropped $425 per tonne to $10,850 per tonne.

Precious metals prices were higher on the session.

April gold was up $12 to $914.20 per troy ounce in New York, while March silver added 28 cents to $12.75 per troy ounce and April platinum gained $12.30 to $982 per tonne.

Grains prices were higher on the Chicago Board of Trade.

CBOT March corn was up 13 cents to $3.71 per bushel while March wheat added 19 cents to $5.61 per bushel and March soybeans gained 30 cents to $9.80 per bushel.

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