Oil, metals prices continue to rise

Prices for crude oil and metals were up again on Tuesday as concerns grew over Iran’s insistence that it will continue its nuclear program.

Brent crude June contracts hit a record high of $72.20 per barrel on the International Petroleum Exchange before falling back to $71.76 per barrel, a gain of 30 cents over the previous close. May delivery West Texas Intermediate trading on the New York Mercantile Exchange also reached a record price of $70.88 per barrel before the price fell back to $70.66 per barrel, 26 cents higher than yesterday’s close. With May WTI contracts expiring at the close of trade on Thursday, June contracts were up 22 cents to $72.22 per barrel after trading at $72.50 earlier in the session. September WTI went as high as $74.06 per barrel.

Gold traded at $618.25 per troy ounce during the day before retreating to $615.20, still a gain over yesterday’s New York quotes. Silver was also up over Monday’s prices to $13.54 per troy ounce. The rising price of silver, as well as higher petrochemical prices, caused Eastman Kodak to announce on Monday that it is raising prices on film.

Among base metals, three-month copper hit a record high $6,490 per tonne during the day as inventories continued to decline and traders worried about the possibility of disruptions in supplies due to strikes.

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