WTI, Brent crude prices see gains

Crude oil prices were higher Monday on hopes that Americans will ignore the bad economy and take driving holidays over the long Memorial Day weekend.

West Texas Intermediate crude for June added $2.69 to $59.03 per barrel on the New York Mercantile exchange, and with June contracts expiring at the close of trade tomorrow, crude oil for July delivery added $2.59 to $59.59.

Brent crude was up $1.97 to $57.95 per barrel on the ICE Futures Europe exchange in London.

Nymex June gasoline futures added 8 cents to $1.76 per gallon in afternoon trade, while Nymex July heating oil added 6 cents to $1.51 per gallon while July natural gas was up fractionally, to $4.22 per million British thermal units.

Some analysts, however, believe that gasoline futures will start to fall as soon as refiners begin to ramp up production after spring closures for maintenance despite continuing declines in demand as US unemployment numbers continue to rise.

The decline in futures prices is not expected to help retail gasoline prices, which were up again overnight to $2.311 per gallon according to AAA, much, but pump prices are not expected to skyrocket to last year’s levels, either.

Metals prices were mixed, with June gold down $9.60 to $921.70 per troy ounce as July silver dropped 18 cents to $13.83 per troy ounce among precious metals but July copper added 5 cents to $2.07 per pound, all in New York trade.

July corn futures added 4 cents to $4.21 per bushel in afternoon trade on the Chicago Board of Trade while July wheat was up 13 cents to $5.90 per bushel and July soybeans gained 16 cents to $11.46 per bushel.

Story link: WTI, Brent crude prices see gains