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Commodities: Crude slips $3

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Date: Wednesday 30 Apr 2008

LONDON (ShareCast) - Oil prices slipped over $3 on Tuesday as workers returned to work at the Grangemouth refinery in Scotland following a two-day strike.

Concern over tight supplies has pushed oil prices to record highs recently.

US light crude oil for June delivery fell $3.12 to settle at $115.63 a barrel on the New York Mercantile Exchange. Oil hit a record $119.93 a barrel on Monday in electronic trading.

The market will also be keeping a close eye on any more reports of attacks on Nigerian oil pipelines.

Local militants attacked a pipeline on Monday, fuelling concern about reduced supplies from the oil rich country. The rising dollar also pressured oil prices.

Among precious metals COMEX gold for June delivery fell $18.70 to settle at $876.70 an ounce, a four-month low. The yellow metal fell sharply as the dollar recovered against major currencies and as oil prices dropped over $3.

Silver for July delivery was down 48 cents at $16.64.