Commodities: Oil flirts with $120 a barrel
Crude prices inched towards $120 a barrel on supply concerns, a weaker dollar and as the May contract comes to an end.
US light crude oil for May delivery rose $1.89 to settle at a record $119.37 a barrel on the New York Mercantile Exchange. Earlier in the session oil had hit a record high $119.90 a barrel.
Increasing demand from China ahead of the Olympics also ramped up prices. Crude oil imports rose by nearly a quarter to 4.07m barrels a day in March.
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Meanwhile supply disruptions in Nigeria continue to escalate. Reports of two more attacks on Shell oil pipelines on Monday unsettled investors.
Among precious metals COMEX gold for June delivery rose $7.60 to settle at $925.20 an ounce as the dollar fell to an all time low against the euro. Its safe haven qualities were in demand with traders unsettled by a mixed bag of earnings.
May silver futures rose 35 cents to settle at $17.71 an ounce. June palladium rose 90 cents to $463.40 an ounce while July platinum rose $10.10 to end at $2,037.40 an ounce.
