LONDON, Feb 22, 2008 (AFP) – The price of oil soared to an historic high above 101 dollars this week, while gold and platinum also scored record peaks as speculators dived into already buoyant commodities markets. The Eastern Index slid to 9.74 Australian dollars a kilo, from 9.92 Australian dollars a week earlier.
Prices of raw materials are surging on concerns over tight supplies and strong demand for raw materials, particularly from emerging economic powers China and India.
OIL: New York crude spiked Wednesday to a record high of 101.32 dollars a barrel on fears about supply disruptions around the globe and amid strong demand.
Also on Wednesday, Brent North Sea crude struck a record peak of 99.22 dollars.
“Oil gained sharply, supported by a combination of factors, including persistent supply concerns,” said Sucden analyst Andrey Kryuchenkov.
“In addition to continuing worries over the ongoing row between Exxon Mobil and Venezuela, with the Latin American exporter threatening to cut more supplies to the US, investors are receiving more comments from various OPEC members indicating no change or even a possible cut to the group’s supplies at its meeting in early March.”