WTI closes above $63 per barrel to end week

Crude oil prices were higher Friday as demand hopes rose after the US Labor Department reported that new home starts in the United States were higher in June, while terrorist attacks in Indonesia and more elections protests in Iran also helped push prices higher.

August contracts for West Texas Intermediate crude added $1.54 to $63.56 per barrel on the New York Mercantile Exchange, while Brent crude gained $2.95 to $65.70 per barrel on the ICE Futures Europe exchange in London.

Nymex August gasoline futures were 1 cent higher to $1.71 per gallon while September heating oil added 2 cents to $1.63 per gallon and September natural gas futures gained 38 cents to $3.81 per million British thermal units.

The news on home construction in the US also helped gains in platinum as investors saw the report as pointing toward more demand for the metal used in jewelry making and the manufacture of pollution control devices for cars and trucks.

October platinum added $6.80 to $1,176.10 per troy ounce, but September palladium, also used in the automotive industry and in jewelry, was $1.25 percent lower to $249 per troy ounce.

Gold and silver prices were up on the session as August gold added $2.10 in New York trade to $937.50 per troy ounce while September silver gained 17 cents to $13.40 per troy ounce.

Meanwhile among base metals, September copper added three cents to $2.42 per pound.

Grains prices were mixed in afternoon trade in Chicago, where September wheat was 7 cents higher to $5.41 per bushel but September corn lost less than a cent to $3.22 per bushel and August soybeans dropped 1 cent to $10.08 per bushel.

Story link: WTI closes above $63 per barrel to end week