WTI trades above $68 per barrel

The price of crude oil was up Monday on hopes that demand for gasoline will rise both China and the United States reported positive data on manufacturing and the US dollar was weaker during the day.

West Texas Intermediate crude for July delivery was $2.11 higher to $68.42 per barrel on the New York Mercantile Exchange after trading as high as $68.68 per barrel earlier in the session, while July contracts for Brent crude added $2.31 to $67.83 per barrel on the ICE Futures Europe exchange in London.

Nymex July gasoline futures added 5 cents to $1.79 per gallon during the day while July heating oil was up 10 cents to $1.78 per gallon and July natural gas gained 41 cents to $4.25 per million British thermal units.

The news on manufacturing, as well as a recent report on the success of stimulus projects in China, also sent base metals prices higher.

July copper added 12 cents to $2.32 per pound in early afternoon trade in New York, while three-month copper was $245 higher to $5,075 per tonne on the London Metal Exchange, the first time in over seven months that the metal’s price has risen above the $5,000 level.

Aluminium closed $33 higher to $1,473 per tonne in London, while zinc ended the London session with a gain of $55 to $1,610 per tonne and tin gained $450 to $14,650 per tonne.

Meanwhile, among precious metals, August gold was 30 cents lower to $980 per troy ounce in afternoon trade in New York while July silver had added 13 cents to $15.74 per troy ounce and July platinum had gained $24.60 to $1,220.60 per troy ounce.

Grains prices climbed on the Chicago Board of Trade, where July corn added 9 cents to $4.45 per bushel while July soybeans were up 34 cents to $12.18 per bushel and July wheat gained 37 cents to $6.74 per bushel.

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