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Commodities: Crude nears $104

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Date: Tuesday 04 Mar 2008

LONDON (ShareCast) - Oil prices scaled new highs on Tuesday, reaching nearly $104 a barrel as the dollar continued to slide against the euro.

It hit $103.95 a barrel in early trades, which some analysts said beat the previous record high of $103.76 set in the early 1980’s when adjusted for inflation, before settling at $102.45, up 65 cents on the day.

Crude gave back some of the early gains after oil explorer Shell said it would restart shipments from Nigeria, which had been delayed by rebel attacks.

Commodities across the board rose, with gold edging closer to $1,000 on Monday. It finished up $9.20 to $984.20 an ounce.

Silver surged above $20 an ounce for the first time in nearly 28 years, while platinum and palladium hovered near highs.