Oil, most metals see prices higher

Oil prices were higher Monday after the US dollar weakened and tensions between the West and Iran escalated as Iran vowed to continue and expand its uranium enrichment activities and on the news that Iran is holding a UK yacht and five UK nationals who had been sailing the boat to a race.

January contracts for West Texas Intermediate crude were up $1.59 in afternoon trade to $77.62 per barrel on the New York Mercantile Exchange, while January Brent crude added $1.61 to $78.79 per barrel on the ICE Futures Europe exchange in London.

Nymex January gasoline futures were up 6 cents to $2.01 per gallon in afternoon trade in New York.

Most precious metals prices were higher as the US dollar weakened in response to easing worries over Dubai’s current economic difficulties.

December contracts for gold were $6.90 higher to $1,818.10 per troy ounce in New York, while February contracts added $7.50 to $1,183 per troy ounce.

Meanwhile, March silver added 21 cents to $18.54 per troy ounce and January platinum gained $13.10 to $1,460.20 per troy ounce, but December palladium was down $2.15 to $363.55 per troy ounce on the session while March contracts had dropped $1.10 to $367.45 per troy ounce by mid-morning in New York as investors took profits.

Among base metals, March copper added 5 cents to trade at $3.18 per pound in New York.

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