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Commodities: Supply concerns buoy oil prices

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Date: Tuesday 22 Apr 2008

LONDON (ShareCast) - Oil prices rose on Monday after reports that a missile just off the coast of Yemen struck a Japanese oil tanker.

US light crude oil for May delivery rose 79 cents to settle at a record $117.48 a barrel on the New York Mercantile Exchange. Crude had earlier hit another all time trading high of $117.76 a barrel.

The150,000-ton tanker, which was on its way to Saudi Arabia, was hit by a rocket launcher from a small boat.

Meanwhile concern about sabotage attacks on pipelines in Nigeria, a key supplier to the US, also increased concern about oil supplies.

Reports out Monday said the country’s main militant group had launched another two more attacks on pipelines in the region.

COMEX gold for June delivery rose $2.40 to settle at $917.60 an ounce as the weaker dollar boosted demand.

Among other metals May silver futures fell 46 cents to settle at $17.36 an ounce. June palladium declined $10.90 to $462.50 an ounce while platinum for July fell $44 at $2,027.30 an ounce.