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Commodities: Oil prices reach another record high

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Date: Thursday 10 Apr 2008

LONDON (ShareCast) - Crude oil jumped to over $112 a barrel, a new record level, after drop in weekly crude inventories.

US light crude for May finally settled up $2.37 at $110.87 a barrel.

A report by the Energy Information Administration showed stockpiles of crude fell to 316m barrels in the week ended 4 April. Most analysts had pencilled in an increase of around 2.7m barrels.

The government data showed the falling crude inventories came from a drop in imports. US oil imports came in at an average of around 8.9m barrels a day last week, down nearly 1.4m barrels a day from the week before, the EIA said.

The report also showed US gasoline supplies fell 3.4m barrels last week and distillate supplies, which include heating oil and diesel, fell 3.7m barrels.

However a separate report by the American Petroleum Institute said US crude inventories rose by 6m barrels in the week ended 4 April to 315.5m barrels.

Among precious metals gold for June delivery jumped $19.50 to finish at $937.50 an ounce on the New York Mercantile Exchange as oil rallied to an all time high. Gold also benefited from a weaker dollar.

Other metals also gained with May silver futures up 49 cents at $18.20 an ounce and July platinum futures up $15 at $2,044.60 an ounce. June palladium rose $5.80 at $463.20 an ounce.