Crude falls in New York, metals gain on session

Crude oil prices were mixed Monday, falling slightly in New York trade about fifteen minutes before the close of floor trade but gaining slightly in London.

January contracts for West Texas Intermediate crude were 16 cents lower to $69.71 per barrel not long before the close of the floor trade session on the New York Mercantile Exchange, while Brent crude added 36 cents to $72.24 per barrel.

Concerns are being raised by recent gains in US inventories while demand is still weak, especially amid reports that some OPEC nations have been producing more oil than their assigned quotas from the cartel.

Nymex gasoline futures held steady at $1.84 per gallon while January heating oil added a cent to $1.92 per gallon and January natural gas gained 18 cents to $5.35 per million British thermal units.

Meanwhile, the retail price of a gallon of gasoline in the United States was down less than a cent overnight to $2.603 per gallon.

Among precious metals, February gold was up $3.90 to $1,123.80 per troy ounce on the session on the news from Dubai, but despite the day’s gains, most analysts don’t see gold prices going much higher through the end of the year.

March silver added 25 cents to $17.34 per troy ounce, January platinum was $24.30 higher to $1,447 per troy ounce, and March palladium was last reported to have gained $4.60 to $366.75 per troy ounce.

Meanwhile, March copper was up 2 cents to $3.15 per pound in New York.

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