Oil, copper rise on positive signs on US economy

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Associated Press

Posted on December 24, 2013 at 1:01 PM

Updated Tuesday, Dec 24 at 1:02 PM

NEW YORK (AP) — Crude oil and copper prices are higher following the latest positive signs on the U.S. economy.

Increases in orders for manufactured goods and new home sales last month suggested that a pickup in the economy could cause demand for energy and basic building materials to rise.

Oil for February delivery rose 31 cents to close at $99.22 in a shortened session on the New York Mercantile Exchange.

Trading will be closed Wednesday for Christmas.

The actively traded March contract for copper rose 6.65 cents to $3.374 a pound.

February gold rose $6.30 to $1,203.30 an ounce.

Wheat futures fell slightly, while corn and soybean futures edged higher.

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