US home sales data support crude oil prices

Crude oil prices closed higher again Monday as prices were helped by news that new home sales in the United States were up by 11 percent in June from May’s numbers, raising hopes that the economy is beginning to recover.

September contracts for West Texas Intermediate crude was up 33 cents to $68.38 per barrel on the New York Mercantile Exchange while Brent crude added 49 cents to $70.81 per barrel on the ICE Futures Europe exchange in London.

Nymex August gasoline futures were up 2 cents to $1.93 per gallon and September heating oil added a cent to $1.82 per gallon, but September natural gas was 9 cents lower to $3.77 per million British thermal units.

October platinum added $31.10 to $1,222.50 per troy ounce in New York on predictions that prices could rise even higher while September palladium, used for most of the same things as platinum, had added $2.15 to $263.60 per troy ounce in early afternoon trade in New York.

Rhodium, another platinum-group metal that is used to make jewelry and catalytic converters among other uses, added $50 to $1,650 per troy ounce.

Among other precious metals, December gold was up 40 cents to $956.30 per troy ounce while September silver gained 12 cents to $13.99 per troy ounce.

September copper added 2 cents to 2.55 per pound in New York on the data on new home sales, while three-month copper was last at $5,600 per tonne in London even though London Metal Exchange stockpiles added 3,475 tonnes during the session.

Copper is used in the construction of new homes.

Grains prices were little changed in afternoon trade in Chicago, as September wheat and September corn each lost less than a cent, to $5.20 per bushel and $3.22 per bushel respectively, while August soybeans traded even at $10.21 per bushel.

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