Crude prices up on weak dollar, jobless data

Crude oil reached its highest price so far this year on Thursday as 15,000 fewer individuals filed first-time jobless claims last week ,according to the US Labor Department, and as the dollar weakened during the day.

July contracts for West Texas Intermediate crude added $2.69 to trade at $68.81 per barrel by the close of floor trade on the New York Mercantile Exchange, while Brent crude gained $2.85 to $68.73 per barrel on the ICE Futures Europe exchange in London.

Nymex July futures for gasoline were 5 cents higher to $1.82 per gallon, while and heating oil also added 5 cents, to $1.78 per gallon.

July natural gas was up 4 cents to $3.81 per million British thermal units even though the Energy Information Administration reported that US inventories of natural gas grew by more than expected last week to 2.34 trillion cubic feet.

July copper was up 9 cents to $2.30 per pound in New York trade while three-month copper added $110 to $5,025 per tonne at the close on the London Metal Exchange.

Aluminium, meanwhile, added $82.50 to $1,564.50 per tonne as LME inventories dropped 6,900 tonnes, the first decline in stockpiles in over a month while zinc was up $40 to $1,575 per tonne, lead added $10 to $1,665 per tonne, tin was $200 higher to $14,700 per tonne and nickel gained $500, also to $14,700 per tonne.

Among precious metals, August gold was up $16.70 to $982.30 per troy ounce in New York while July silver added 59 cents to $15.90 per troy ounce and July platinum gained $48.80 to $1,293 30 per troy ounce.

Grains prices were higher on the Chicago Board of Trade.

CBOT July corn added 15 cents to $4.47 per bushel while July wheat was up 18 cents to $6.36 per bushel and July soybeans gained 47 cents to $12.29 per bushel.

Story link: Crude prices up on weak dollar, jobless data