Oil, metals prices rise again

Crude oil prices were up again on Monday as supply concerns continued after an underwater missile test carried out by Iran and new clashes between militants and the military in Nigeria.

Brent crude May contracts on the International Petroleum Exchange gained $1.80 to $67.71 per barrel after going as high as $67.79 during the day. Meanwhile, May delivery West Texas Intermediate crude on the New York Mercantile Exchange was up $1.22 to $67.85 per barrel.

Meanwhile, in the metals markets, copper hit another all-time high and gold reached its highest price in 25 years before falling back slightly.

Three-month copper was up 3.7 percent to $5,590 per tonne after going as high as $5,605 during the day as traders worried about the availability of adequate supplies. Part of the concern continued to be a strike at La Caridad mine in Mexico. The strike has now spread to two steel mills. Also contributing to the worries is a newly revised analyst report that had previously forecast a copper surplus of 380,000 tonnes for the year but now forsees a 50,000-tonne deficit in 2006.

Gold hit $591.50 per troy ounce during the day, a 25-year high, before easing back to $589.80 per troy ounce, with most analysts expecting the price to hit $600 per troy ounce soon.

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