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Commodities: Crude hits records again

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Date: Tuesday 11 Mar 2008

LONDON (ShareCast) - Crude prices hit $108 a barrel for the first time in intra-day trades as the dollar remained weak.

Crude oil for April delivery eventually settled up $2.75 to end at $107.9 a barrel on the New York Mercantile Exchange.

Employment figures in the US last week heightened recession fears and also raised expectations of a rate cut, which has been impacting the dollar and benefiting crude.

The United States had hoped OPEC countries would boost production to ease the price increases but the oil cartel met last week and decided not to raise output.

Gold prices slipped though despite the rise in oil prices with the April delivery falling $2.40 to settle at $971.80 an ounce on the New York Mercantile Exchange.