Saturday 17th May 2008
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Commodities: Crude nears $104

Commodities: Crude nears $104

04.03.2008

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Oil prices scaled new highs on Tuesday, reaching nearly $104 a barrel as the dollar continued to slide against the euro.

It hit $103.95 a barrel in early trades, which some analysts said beat the previous record high of $103.76 set in the early 1980's when adjusted for inflation, before settling at $102.45, up 65 cents on the day.

Crude gave back some of the early gains after oil explorer Shell said it would restart shipments from Nigeria, which had been delayed by rebel attacks.

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Commodities across the board rose, with gold edging closer to $1,000 on Monday. It finished up $9.20 to $984.20 an ounce.

Silver surged above $20 an ounce for the first time in nearly 28 years, while platinum and palladium hovered near highs.



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FTSE 100 - 17 May 08