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Commodities: Crude hits new highs

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Date: Thursday 21 Feb 2008

LONDON (ShareCast) - Crude prices extended its record breaking run and remained above £100 a barrel after the US Federal Reserve lowered its forecast for economic growth this year.

Crude oil for March delivery, which expired on Wednesday, rose 73 cents to finish at a new record high of $100.74 a barrel.

The Federal Reserves said it is willing to help the US economy, which raised expectations that more rate cuts are on the way.

Lower rates will help the economy and weaken the dollar, which in turn will prompt investors to switch money to hard assets like crude and gold.

The news lifted gold near its record highs, rising $8 to $937.80 an ounce. Platinum also gained but held below historic highs.