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Commodities: Oil hits another record high

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Date: Sunday 20 Apr 2008

LONDON (ShareCast) - Concern about attacks on Nigerian oil pipelines pushed crude prices up Friday.

US light crude oil for May delivery rose $1.83 to settle at $116.69 a barrel on the New York Mercantile Exchange, after hitting an all-time high of $117 a barrel earlier in the session.

Nigeria’s main militant group said that it had blown up a pipeline operated by Royal Dutch Shell.

Prices were cranked higher by concern that there will reports of more attacks over the weekend, analysts said.

Oil prices also rose despite the strengthening dollar.

Among precious metals COMEX gold for June delivery fell $27.70 to settle at $915.20 an ounce as the dollar rallied against major currencies. The yellow metal was also hit by an initial retreat in oil prices Friday.

Other metals also came under pressure with silver for May delivery down 48.5 cents to $17.820 an ounce while May copper slipped 2.40 cents to settle at $3.888.