Crude prices see gains in New York, London

Crude oil prices were higher Tuesday after US consumer confidence was reported higher in May and on comments from Saudi Arabia’s oil minister concerning demand.

At just before the close of floor trade, West Texas Intermediate Crude for July delivery was 77 cents higher to $62.44 per barrel on the New York Mercantile Exchange while Brent crude had added 49 cents, at last report, to $60.70 per barrel on the ICE Futures Europe exchange in London.

In the United States, the Conference Board’s Consumer Confidence Index was reported at 54.9 in May, higher than its April reading of 40.8 and much higher than the 42.3 level that was expected for month., while the Saudi oil minister said that demand is beginning to climb and that the Organization of Petroleum Exporting Countries is likely to hold production quotas and current levels when it meets on Thursday in Vienna.

The retail price of gasoline in the United States was up a fraction of a cent overnight to $2.425 per gallon, according to AAA.

July copper was 4 cents higher to $2.14 per pound in New York, also helped by the Conference Board’s report on consumer confidence, while three-month copper added $6 to $4,616 per tonne on the London Metal Exchange.

Other base metals prices were mixed as aluminium, nickel and tin were all higher in London but lead an zinc prices were both lower after gains in their LME inventories.

Among precious metals, meanwhile, June gold added $5.60 to $953.30 per troy ounce in New York while July silver dropped 10 cents to $14.60 per troy ounce.

Grains prices were mixed on the Chicago Board of Trade, where July soybeans added 19 cents to $11.58 per bushel but July wheat was down a fraction to $6.12 per bushel and July corn dropped 2 cents to $4.27 per bushel.

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