Commodities: New highs for oil and gold
Oil prices surged to a new record high Thursday as the dollar continued to struggle against some of the key currencies.
US light crude for April delivery jumped $2.95 to $102.59 a barrel on the New York Mercantile Exchange, the highest ever close for a front-month contract.
There has been no sign of any let up in overnight electronic trade, with prices up another 22 cents to $102.81.
The dollar hit new lows versus the euro Thursday following disappointing reports on US unemployment and economic growth plus further comments from Fed chairman Ben Bernanke.
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But analysts say there are no fundamentals to justify current levels and believe a correction is imminent, especially given the precarious state of the US economy.
Gold was also in demand on dollar weakness and inflation concerns, rallying $6.50 to $967.50 an ounce in New York, although it notched up a new record above $977 in electronic trade later on.
The fact that gold is denominated in dollars has made it more attractive to this holding other currencies.
