US weather report strengthens oil prices

Crude oil prices were higher Monday on a weaker US dollar, as colder weather moved in to much of the United States, and on optimism ahead of major corporate earnings reports due this week.

In afternoon trade, November contracts for West Texas Intermediate crude had added $1.53 to $73.30 per barrel, while at last report Brent crude was $1.50 higher to $71.50 per barrel on the ICE Futures Europe exchange in London.

Earlier, in morning trade in New York, Nymex November natural gas was up 15 cents to $4.92 per million British thermal units while December heating oil had gained 4 cents to $1.92 per gallon.

Metals prices were also higher due to a weakening US dollar.

December gold added $9.20 to $1,057.80 per troy ounce in New York trade, while December silver was up 13 cents to $17.82 per troy ounce, January platinum was $7.90 higher to $1,347.30 per troy ounce.

In mid-morning trade, December palladium gained $4.25 to $328 per troy ounce on investment demand.

Among base metals, meanwhile, December copper was up 2 cents to $2.86 per pound in New York trade, while three-month copper added $45 to $6,275 per tonne in London on a possible strike in china

A possible strike in Chile also helped copper prices higher, but expectations that imports of the metal used in construction and manufacturing will decline for a third consecutive month and another gain in London Metal Exchange stockpiles, which were up 775 tonnes on the session to 347,375 tonnes to their highest level in five months, held advances back.

Most other base metals also saw gains as aluminium added $38 to $1,947 per tonne after going as high as $1,958 per tonne during the session while lead was up $45 to $2,294 per tonne, zinc was $61 higher to $2,094 per tonne and nickel gained $70 to $18,820 per tonne.

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