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Commodities: Oil hits record of over $144

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Date: Thursday 03 Jul 2008

LONDON (ShareCast) - Crude oil futures prices rose again after The Energy Information Administration's weekly inventory report showed crude supplies fell more than expected.

Light, sweet crude for August delivery settled $2.60 higher at $143.57 on the New York Mercantile Exchange. Later in electronic trade oil hit a high of $144.15.

Crude stocks fell by 2m barrels last week compared with expectations of a 1.2m barrels decline. Distillates, used to make diesel fuel and heating oil, rose by 1.3m barrels while gasoline supplies increased 2.1m barrels.

Analysts had pencilled in an increase of 2.4m barrels in distillates and a 500,000 barrels decline in gasoline stockpiles.

Meanwhile worries about tensions between Iran and Iraq and supply disruptions from Nigeria also ramped up oil demand.

Safe haven buying helped August gold settle up $2 at $946.50 an ounce in New York, a new two-and-a-half-month high.

The yellow metal tracked surging oil prices and the weakening dollar. The greenback eased back after a report showed a hefty drop in monthly US employment levels.

Silver for September rose 13.5 cents to $18.425 an ounce while copper rose 15.3 cents to settle at $4.0635 a pound.

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