WTI, Brent crude see gains on session

Crude oil prices were higher Tuesday on gains in US equities markets after the chairman of the US Federal Reserve said that the recession could be over by the end of the year and even though analysts expect US crude oil stockpiles to have gained at least 1 million barrels last week.

West Texas Intermediate crude for April delivery added $1.46 to $39.90 per barrel on the New York Mercantile Exchange while Brent crude was up $1.26 to $42.25 per barrel on the ICE Futures Europe exchange in London.

Nymex March gasoline futures added 4 cents to $1.08 per gallon in afternoon trade while April heating oil was up 3 cents to $1.20 per gallon and April natural gas gained 8 cents to $4.18 per million British thermal units.

Most base metals prices saw gains on hopes that demand will rebound.

Three-month aluminium added $45 to $1,333 per tonne in London despite record inventories, while copper gained $95 to $3,326 per tonne in London and were up 5 cents to $1.50 per pound in New York trade.

Zinc was $17 higher to $1,115 per tonne, tin added $145 to $10,550 per tonne, and nickel gained $295 to $9,800 per tonne, but lead dropped $13 to $1,010 per tonne.

Precious metals prices, on the other hand, fell in New York as demand declined.

April gold was $25.50 lower to $969.50 per troy ounce while March silver fell 46 cents to $14 per troy ounce and April platinum dropped $30.80 to $1,050 per tonne.

Grains prices saw gains on the Chicago Board of Trade as March corn was up 2 cents to $3.54 per bushel, March wheat added 4 cents to $5.15 per bushel and March soybeans gained 8 cents to $8.81 per bushel.

Story link: WTI, Brent crude see gains on session