WTI hits new high before declining

Metals prices rose during the week as supplies were low and demand continued. Copper added around 6 percent on the London Metal Exchange even though it was down by $130 on Friday from Thursday’s close to trade at $7,750 per tonne on Friday, remaining approximately $1,000 below its May 11 record high even though it is up 22 percent since mid-June. Meanwhile, nickel added 12 percent this week, hitting a new record of $24,100 per tonne before easing back to $23,900 per tonne. Gold lost about $1 Friday, but ended the week 3 percent higher, trading at $631.20/$632.00.

Brent crude oil August contracts added 69 cents to $74.77 per barrel on the International Petroleum Exchange in London, a gain of 1.6 percent during the week. West Texas Intermediate crude set a new record high prices early in the day, reaching $75.78 per barrel, but by late morning it had retreated to $75.40 per barrel, still ahead by 26 cents. In early afternoon trade on the New York Mercantile Exchange, however, WTI had declined to $74.75, down 39 cents from Thursday’s close.

Analysts said that oil prices were being supported by increased demand, reported by the US energy department to be up over last year’s levels for the seventh straight four-week period as high pump prices did not seem to be discouraging US drivers. Geopolitical concerns in both Iran and Korea were also cited as factors in keeping oil prices up.

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