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Commodities: Crude surges above $100

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Date: Wednesday 20 Feb 2008

LONDON (ShareCast) - Crude prices surged ahead on Tuesday, creeping over the $100 a barrel mark as supply concerns worried traders.

Rumours that OPEC is considering a production cut next month heightened uncertainties about supply. Iranian oil minister Gholam Hossein Nozari said on Sunday that it was normal for OPEC to cut production in March every year.

The OPEC nation’s next meeting is due on March 5.

Prices were also impacted by the temporary closure of a refinery in Texas by Alon USA Energy after an explosion and fire. Crude for March delivery rose $4.51 to finish at $100.01.

Gold surged nearly 3%, up $23.90 to $930 per ounce, as the US dollar declined against the euro and on inflationary concerns due to the high oil price.

Platinum also hit new highs again, adding $88.30 to $2,152 per ounce.