Commodities: Crude hits record highs

News for Spread Betters

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: Friday 04 Jul 2008

LONDON (ShareCast) - Oil hit a record $145 as investors switched from shares and rushed to crude ahead of the US Independence Day holiday.

A barrel of oil surged $1.72 to $145.29 amid a backdrop of lower global stocks and increasing tensions between Israel and Iran.

Iran has threatened to block oil shipments through the Strait of Hormuz in the event it is attacked by Israel.

Meanwhile, Saudi Oil Minister Ali al-Naimi reiterated the view that the current rise in oil prices is instigated by speculators rather than any shortage of supply.

Gold prices retreated on Thursday as the dollar rose on weak non-farm payroll figures. The precious metal fell $12.90 to $933.60 an ounce.

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).