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Commodities: Crude almost hits $127

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Date: Wednesday 14 May 2008

LONDON (ShareCast) - Oil prices hit another record trading high on Tuesday with US light crude oil for June delivery reaching $126.98 a barrel on the New York Mercantile Exchange following reports that Iran is planning to reduce oil production.

However oil prices managed to settle up $1.57 at $125.80 per barrel on news that the Senate had voted to temporarily stop shipments of imported oil for the Strategic Petroleum Reserve, a system of underground salt domes in the Gulf Coast.

Both Democrats and Republicans voted against President George Bush, arguing that oil imports should be instead used to beef up supplies in a tight market and help drive down prices at the pump.

Among precious metal COMEX gold for June delivery fell $15.30 to settle at $869.60 an ounce despite rising oil prices. The strengthening dollar sapped demand for the yellow metal.

Investors cheered stronger than expected April US retail sales data, boosting sentiment about the US economy.

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