NEW! Investment Companies Centre

Commodities: Crude settles above $140

News for Spread Betters

PreviousPrevious
NextNext

There's a new Investor Edition of CMC Markets' spread betting platform... and it's exclusive to DigitalLook.com users...

Get full details about Marketmaker:Investor Edition here. Advertisement

Date: Monday 30 Jun 2008

LONDON (ShareCast) - Crude for August delivery settled 57 cents higher at $140.21 a barrel, having reached a best ever $142.99 earlier on Friday after a prediction from OPEC’s president that prices could hit $170 this summer.

A broad sell-off on Wall Street and a weaker dollar fuelled oil prices as well as continued concern about supplies. Nigeria has seen its production fall by 1m barrels a day, according to reports while fears about tension and Israel and Iran continue.

Jitters about the strength of the US economy also increased oil appetite and its safe haven qualities.

Among precious metals gold for August delivery charged ahead, settling $16.20 higher at $931.30 as the buck headed towards an all time low against the euro.

The Federal Reserve’s decision to keep interest rates on hold at 2% last week watered down dollar appetite and pushed gold sharply higher.

Overall uncertainty about the worldwide economy, surging oil prices and battered stock markets boosted gold’s safe haven qualities.

Silver for September delivery added 49 cents at $17.71 an ounce while platinum fell $7.40 to $2,062.40.

Digital Look have been voted
"Best Research and Information Provider"

4th Floor, Bankside House, 107 Leadenhall Street, London EC3A 4AF.
Registered in England and Wales (registered no. 3678570).