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Commodities: Oil eases from record high

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Date: Tuesday 13 May 2008

LONDON (ShareCast) - Oil prices retreated from a record high as the dollar recovered against most major currencies and as profit takers moved in.

US light crude oil for June delivery fell $1.73 to settle at $124.23 per barrel on the New York Mercantile Exchange.

Futures settled at a record $125.96 per barrel on Friday, as concern about tightening supplies drove prices higher.

Growing demand in fast developing countries such as China, Brazil and India, has also put pressure on oil supplies.

Continued tensions between oil producing country Iran and the West alongside disruptions to production in Nigeria have added to concern that oil supplies are being stretched. The dollar's continued decline over the last year has seen oil prices roughly double since last May.

Among precious metals COMEX gold for June delivery fell 90 cents to settle at $885.80 an ounce as it tracked declining oil prices.

The stronger dollar also pressured the yellow metal. Profit takers also moved in after gold’s recent gains.

Silver for July rose 32 cents to $17.23.

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