Oil prices rise; most metals, grains also up

Crude oil prices were higher again Thursday after the International Energy Agency predicted that oil demand will fall by 2.9 percent this year rather than the 3 percent decline it forecast last month.

This new prediction sent July contracts for West Texas Intermediate crude $1.61 higher to $72.94 per barrel at 1:45 p.m. local time on the New York Mercantile Exchange, about 45 minutes ahead of the close of the day’s floor trade session, while at last report Brent crude was up 80 cents to $71.60 per barrel on the ICE Futures Europe exchange in London.

Also helping gains were separate reports that fewer first-time unemployment claims were filed last week in the United States and that retail sales in the US were higher last month.

The price of gold was higher in New York on Thursday as the US dollar weakened, yields on US Treasury bonds rose and concerns that inflation will rise, as well as on geopolitical and public health concerns raised by the World Health Organization’s decision to declare a H1N1 flu pandemic.

August gold was $7.50 higher to $962 per troy ounce in New York trade, while July silver added 27 cents to $15.49 per troy ounce and July platinum fell 10 cents to $1,273.10 per troy ounce.

In morning trade, palladium added 25 cents to $259 per troy ounce.

Among base metals, July copper was up 8 cents to $2.45 per pound in New York trade.

Grains prices were mixed on the Chicago Board of Trade as July corn added 6 cents to $4.42 per bushel and July soybeans gained 30 cents to $12.76 per bushel but July wheat dropped 3 cents to $5.93 per bushel.

Story link: Oil prices rise; most metals, grains also up