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Commodities: Crude hits record highs again

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Date: Wednesday 27 Feb 2008

LONDON (ShareCast) - Crude prices gushed over $100 a barrel again and reached new highs after the US dollar tumbled.

The greenback fell to its lowest level against the euro at one point on Tuesday, prompting investors to switch their money into energy stocks.

Ongoing tensions in the Middle-East and supply concerns also aided oil, which finished up $1.65 settling at $100.88 a barrel.

Gold prices also surged ahead, helped by the high oil prices. It rose $8.40 to finish at $948.90 an ounce.

Gold shrugged off concerns the US Treasury could sell some of the gold reserves held by the International Monetary Fund (IMF).

The sales are due to start in April, though the US Congress could overturn the Treasury’s decision to support the IMF plans; Congress has previously opposed IMF proposals to sell gold in 1999 and 2005.