Oil, grains, most metals prices higher on session

Crude oil prices were higher Tuesday after equities markets saw gains and ahead of Wednesday’s weekly US inventories report from the Energy Information Administration as oil stockpiles are expected to have grown but gasoline in storage anticipated to have declined.

May contracts for West Texas Intermediate crude were $1.25 higher to $49.66 per barrel at the close of floor trade on the New York Mercantile Exchange.

Nymex May gasoline futures were 3 cents higher to $1.42 per gallon.

Copper and gold both gained on a weaker US dollar.

May copper added 8 cents to $1.84 per pound in afternoon trade in New York and was set to end the first quarter with a gain of over 30 percent after prices fell 54 percent in 2008, for its biggest quarterly gain since the second quarter of 2006.

Three-month copper, meanwhile, added $165 to $4,075 per tonne on the London Metal Exchange.

June gold was $7.30 higher to $925 per troy ounce in New York and July platinum gained $8 to $1,128.80 per troy ounce, but May silver dropped 5 cents to $12.99 per troy ounce.

Grains prices were higher on the Chicago Board of Trade as May corn added 18 cents to $4.04 per bushel, May wheat was up 20 cents to $5.32 per bushel and May soybeans soared 47 cents to $9.52 per bushel.

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