Oil prices higher despite data

Crude oil prices were higher Thursday despite little reason for the gains in recent economic news.

The US Energy Information Administration reported Wednesday that crude oil stockpiles in the US were up again last week and today the EIA reported that natural gas stockpiles gained last week when they had been expected to decline.

Further, while there has been more optimism in recent days that the economic crisis could be past its worst, most data has not seemed to indicate this is the case as US initial jobless claims were up again last week, new data shows that the US economy shrank at the end of last year, and Japanese business sentiment is expected to show another decline in a report scheduled to be released next week.

May contracts for West Texas Intermediate crude oil added $1.58 to $54.34 per barrel on the New York Mercantile Exchange, while Brent crude gained $1.31 to $53.06 per barrel on the ICE Futures Europe exchange in London.

In afternoon trade, Nymex April gasoline was up 4 cents to $1.53 per gallon while May heating oil added a cent to $1.49 per gallon, but May natural gas dropped 40 cents to $4.02 per million British thermal units.

Metals prices were also higher as June gold added $4.20 to $942.20 per troy ounce in New York while May silver was up 18 cents to $13.62 per troy ounce and July platinum gained $26.90 to $1,155.

Among base metals, May copper was 5 cents higher to $1.86 per pound in New York trade.

Grains prices were mixed on the Chicago Board of Trade.

CBOT May corn was up 5 cents to $3.90 per bushel and May wheat added 6 cents to $5.14 per bushel but May soybeans dropped 7 cents to $9.44 per bushel.

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