Commodities prices jump on improved sentiment

Crude oil prices were higher Thursday, recovering from big declines on Wednesday as the US dollar weakened and sentiment improved.

West Texas Intermediate crude for September delivery was $3.46 higher to $66.81 per barrel about 45 minutes before the close of floor trade on the New York Mercantile Exchange.

Nymex September heating oil was up 9 cents to $1.79 per gallon while September natural gas added 20 cents to $3.75 per million British thermal units.

September copper added 9 cents to $2.56 per pound in New York trade, while three-month copper was up $201 to $5,616 per tonne on the London Metal Exchange.

Among precious metals, in the meantime, December gold was $7.60 higher to $937.30 per troy ounce while September silver added 23 cents to $13.49 per troy ounce and October platinum was up $16.80 to $1,189 per troy ounce.

In morning trade, September palladium had added $4.50 to $260 per troy ounce.

An official of the World Gold Council, an industry association representing gold mining companies, said that prices will climb back to $1,000 per troy ounce soon on more demand for both jewelry and investment while at the same time supplies are diminishing.

Grains prices also climbed in afternoon trade in Chicago.

September wheat was 4 cents higher to $5.15 per bushel while September corn added 12 cents to $3.32 per bushel and August soybeans gained 70 cents to $11.28 per bushel

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