Crude oil prices continue to rise

AAP

NYMEX

Crude oil prices followed stocks higher on Wednesday, as worries about European debt problems eased and buyers returned to the market.

Benchmark crude for October delivery rose 58 US cents to settle at $US74.67 a barrel on the New York Mercantile Exchange.

Shares of oil and gas companies climbed after credit rating agency Fitch raised its rating on BP.

The troubled energy giant issued a report on Wednesday taking blame for the big spill in the Gulf of Mexico, while saying other companies involved in the Deepwater Horizon disaster shared some blame.

Oil traders often look to stocks as a barometer of overall investor sentiment.

In London, Brent crude rose 43 US cents to settle at $US78.17 on the ICE Futures exchange.

COMEX

Gold prices finished slightly lower on Wednesday as some investors unwound the risk aversion play that sent prices near all-time highs earlier, but sentiment was mixed amid moderate holiday-like trade.

December gold futures slipped $US1.80 to end at $US1,257.50 an ounce on the COMEX division of the NYMEX.

In metal contracts for December delivery, silver rose 9.5 US cents to settle at $US20.009 an ounce, while copper rose 3.0 US cents to $3.5005 a pound.

October platinum rose $US5.90 to finish at $US1,562.20 an ounce, while December palladium closed $US3.90 higher at $US527.10 an ounce.

LME

Copper reversed earlier losses to end up on Wednesday, tracking a positive tone in global equity markets after a successful Portuguese debt auction eased concerns about European banks.

On the London Metal Exchange （LME）, benchmark copper for three-month delivery ended up $US46 at $US7,675 a tonne. Last week, the price touched its own four-month top at $US7,750 a tonne.

Aluminum ended at $US2,160 a tonne versus a last bid at $US2,164 on Tuesday. LME stocks for the metal dipped 1,125 tonnes, but remain near record levels at 4.41 million tonnes.

Nickel gained $US710 to end at $US22,900 a tonne and lead firmed $US50 to $US2,234 a tonne.

Zinc closed up $US30 at $US2,219 a tonne and tin jumped $US775 to finish at $US21,675.