Oil, copper prices gain to end week

Oil prices were up Friday, as sentiments improved on recent gains in equities markets and after a report from the Institute for Supply Management showed that US manufacturing contracted less in April than it had in March.

June contracts for West Texas Intermediate crude had added $1.94 to $53.06 per barrel in early aftenroon trade on the New York Mercantile Exchange after going as high as $53.65 per barrel in morning trade, while Brent crude was up $1.88 to $52.68 per barrel on the ICE Futures Europe exchange in London.

Nymex June gasoline futures were 5 cents higher to $1.52 per gallon, while June heating oil futures were also 5 cents higher, to $1.38 per gallon and June natural gas had gained 19 cents to $3.56 per million British thermal units.

July copper was 5 cents higher to $2.10 per pound in midday trade in New York, while three-month copper gained $159 to $4,590 per tonne, or $2.09 per pound, in London on good news about manufacturing activity in China and the United States.

Precious metals prices, meanwhile, were mixed as July silver added 25 cents around midday to $12.57 per troy ounce while at the same time June gold was down 80 cents to $890.40 per troy ounce and July platinum dropped 20 cents to $1,106.60 per troy ounce.

Prices for grains on the Chicago Board of Trade were higher as May corn added 3 cents to $4 per bushel while May wheat was up 16 cents to $5.41 per bushel and May soybeans gained 20 cents to $10.90 per bushel.

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