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Propurchaser: Crude oil prices continue to rise


March 31, 2010
by Propurchaser

Crude oil for May delivery rose $2.17 (2.7 percent) to close at $82.17 a barrel in New York on March 29, as the US dollar fell versus the euro on news of the European Union’s plans to help Greece and on news that consumer spending in the US climbed in February for a fifth consecutive month.

Diesel fuel for immediate delivery closed up 5.41 cents (2.6 percent) at $2.1613 per gallon.

Fuel oil climbed 5.16 cents (2.5 percent) to close at $2.1150 per gallon.

Gasoline for April delivery gained 5.39 cents (2.4 percent) to close at $2.2613 per gallon.

In London, Brent crude for May delivery rose $1.88 (2.4 percent) to close at $81.17 per barrel.

Metals increase as inventories fall

Also on March 29, LME copper inventories fell for the 18th day to 516,925 metric tons, marking the longest period of declines since July 2009. Nickel supplies decreased for a sixth day to 155,922 tons.

In New York, copper for May delivery closed up 13.25 cents (3.9 percent) at $3.5355 per pound.

In London, copper for delivery in three months gained $125 to close at $7,660 per metric ton ($3.47 per pound).

After climbing 4.1 percent on March 26, nickel gained another $420 (1.8 percent) on March 29 to close at $24,025 per metric ton ($10.90 per pound), the highest price since June 2008.

Lead gained for a second day, closing up $67 (3.2 percent) at $2,187 per metric ton (99.2 cents per pound).

Zinc rose $40 (1.8 percent) to close at $2,306 per metric ton ($1.05 per pound).

This update was provided by Propurchaser.com. For-up-to-date commodity information and analysis in areas such as metals, natural resources and energy visit www.propurchaser.com/pb2b.

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