WTI, Brent see slight gains on session

Crude oil prices rose slightly Thursday on slightly better news on new jobless claims in the US, even though continuing claims were up in the latest available data.

August contracts for West Texas Intermediate crude added 27 cents to $60.41 per barrel on the New York Mercantile Exchange, while Brent crude was up 53 cents to $60.69 per barrel on the ICE Futures Europe exchange in London.

Earlier in the day, WTI prices fell below $60 per barrel.

Newly filed unemployment claims in the United States dropped by 52,000 in the week ending 4 July from the week before, to 565,000, the lowest count since January, but continuing claims were up by 159,000 to 6.88 million in the week ending 27 June, indicating that jobs are not yet stabilizing in the US

Nymex August gasoline futures were 3 cents higher to $1.66 per gallon and August natural gas gained 6 cents to $3.41 per million Britishs thermal units, but August heating oil traded about even at $1.54 per gallon.

September copper added 8 cents to $2.24 per pound in New York trade, while three-month copper was up $170 to $4,895 per tonne on the London Metal Exchange on analyst opinion that despite predictions that demand will be down in China, investment buying will make up for less sales to the Asian nation and after Citigroup (NYSE: C) increased its forecast for the average spot price of the metal for the next two years.

Prices for other base metals were mixed as lead added 1.1 percent to $1,628 per tonne, zinc prices were up 1.4 percent to $1,528 per tonne and aluminium gained 2.5 percent to $1,589 per tonne, but nickel fell 0.2 percent to $14,920 per tonne and tin dropped 4.4 percent to $12, 705 per tonne.

Precious metals prices were also higher on the session as August gold added $6.90 to $916.20 per troy ounce in New York, September silver was up 9 cents to $12.95 per troy ounce and October platinum gained $8.70 to $1,110.50 per troy ounce.

Grains were mostly higher in afternoon trade in Chicago.

July wheat added a cent to $4.96 per bushel while September contracts held steady at $5.22 per bushel and July corn held steady at $3.43 per bushel while September contracts gained less than a cent to $3.29 per bushel.

July soybeans added 4 cents to $11.14 per bushel while August contracts gained 2 cents to $10.49 per bushel.

Story link: WTI, Brent see slight gains on session