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Commodities: Dollar recovery subdues oil & gold

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Date: Friday 18 Apr 2008

LONDON (ShareCast) - Crude oil seemed set to close at another record high until the dollar rallied and helped push the price of crude for May delivery back below $115 a barrel.

By the close of trade in New York, the May contract was down 7 cents on the day at $114.86, having been as high as $115.54 a barrel at one point.

The recovery of the dollar from a record low against the euro helped relieve upward pressure on oil prices, although concerns about supply and stockpiles remain after a surprise drop in US inventories earlier this week.

Gold was also in retreat, moving, as it often does, in opposition to the value of the dollar. Prior to the US currency’s rebound the spot price in New York had breached the $950 mark.

On the futures market, gold for June delivery drifted down $5.40 to $942.90 an ounce.

Turning to other metals, platinum for delivery in July rose $24.20 to $2061.50, with lingering concerns about possible supply shortages caused by South Africa’s power failures boosting demand.

Silver and copper eased back, however.