Commodities: Oil steams past $125
Oil prices hit another record high of over $125 on Friday as concern about supplies continue.
US light crude oil for June delivery settled at a record $125.96 per barrel on the New York Mercantile Exchange. Earlier in the session it reached a record high of $126.20. Over the week prices rose around 8%.
Soaring global demand has exacerbated fears that demand is outstripping supplies. The weaker dollar also fuelled oil's rise on Friday while tensions in the Middle East and disruptions to supplies in Nigeria have added to jitters about supplies.
Among precious metals COMEX gold for June delivery rose $3.70 to $885.80 an ounce as it tracked oil's new highs.
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Dollar weakness also underpinned the yellow metal's gains. Renewed jitters about inflation prompted demand for commodities, analysts said, with gold being bought as a hedge against inflation.
Physical demand from India during its festival season remained weak.
Also on the Nymex, July silver rose 4 cents to settle at $16.91 an ounce. June palladium rose $7.95 to end at $443.85 an ounce while July copper futures fell 7 cents to close at $3.72.
