Commodities: Crude hits new record high
Crude oil prices soared to a new record closing high of $113.79 a barrel as supply disruptions and dollar weakness boosted demand.
Crude oil futures also touched a new all time high of $113.99 a barrel earlier in the session. Demand for crude was increased as the US dollar weakened further against the euro with investors switching to commodities like oil and gold to help protect the value of their investments.
Supply disruptions also ramped up prices. Reports said bad weather had forced the closure of at last five export terminals in Mexico.
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Similarly investors took fright at news earlier in the week that Italy's biggest energy firm Eni was forced to close its oil plants in Nigeria after fires broke out over the weekend.
Gold tracked higher oil prices with futures for June delivery up $3.30 at $932 an ounce. The yellow metal was boosted by the weaker dollar and continued recessionary fears.
However gold's gains were capped by the dollar's partial recovery from overnight losses against major currencies.
