Oil, most metals gain on sentiment

Crude oil prices were higher Monday, pulled up by positive sentiment in the wake of good news on housing and another US initiative, this one announced by Treasury Secretary Timothy Geitner, to try to get the economy back on track.

May contracts for West Texas Intermediate crude added $1.73 to $53.80 per barrel on the New York Mercantile Exchange after going as high as $54.05 per barrel earlier in the session.

Brent crude was up $2.25 to $53.47 per barrel on the ICE Futures Europe exchange in London.

Nymex April gasoline was up 3 cents to $1.49 per gallon while May heating oil added 9 cents to $1.48 per gallon and May natural gas gained 7 cents to $4.40 per million British thermal units.

Copper prices were higher Monday on higher imports of refined copper into China in February and on a new plan from the US Treasury Department to help the US economy by getting toxic assets of the books of US banks.

May copper was 5 cents higher to $1.84 per pound in New York, while three-month copper added $95 to $4,050 per tonne on the London Metal Exchange.

Meanwhile, gold was lower after the Treasury announcement helped positive sentiment and helped spur gains in global equities markets, making gold less popular as an alternative investment.

April gold was $3.70 lower to $852.50 per troy ounce in New York trade, but May silver added 4 cents to $13.88 per troy ounce and April platinum gained $29.10 to $1,137.90 per troy ounce on the session.

May soybeans were 3 cents higher to $9.55 per bushel on the Chicago Board of Trade but May wheat and May corn each dropped 1 cent, to $5.49 per bushel and $3.95 per bushel respectively.

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