WTI gains as Brent ends session even

The price of crude oil in New York was lower for most of the session on a stronger dollar, but a late rally took prices slightly higher by the end of the floor trade session, mostly on optimism that the financial sector will be helped by new plans to help US banks.

May contracts for West Texas Intermediate crude traded 18 cents higher to $53.98 per barrel at the close of floor trade on the New York Mercantile Exchange while Brent crude took back declines to end even at $53.47 per barrel on the ICE Futures Europe exchange in London.

Nymex April gasoline futures were up a cent to $1.50 per gallon while May heating oil added 3 cents to $1.51 per gallon and May natural gas gained 6 cents to $4.44 per million British thermal units.

Precious metals prices were lower Tuesday on concerns that demand will decline if credit markets get better so that investors will not seek them out as alternative investments.

April gold was down $28.70 to $923.80 per troy ounce while May silver was 52 cents lower to $13.36 per troy ounce and July platinum dropped $25.20 to $1,122.70 per troy ounce.

Meanwhile, copper prices fell as demand dropped as the dollar strengthened and after the Federal Reserve reported that manufacturing contracted more than expected in March in the Philadelphia region.

May copper dropped 4 cents to $1.81 per pound in New York and three-month copper was down $85 to $3,975 per tonne in London.

May soybeans added 11 cents to $9.67 per bushel on the Chicago Board of Trade, but May corn was down a cent to $3.93 per bushel and May wheat dropped 14 cents to $5.35 per bushel.

Story link: WTI gains as Brent ends session even