Friday, January 4, 2008

Oil prices strike new 100-dollar record


LONDON (AFP) — Oil prices leapt back into triple figures on Thursday, striking a record high of 100.05 dollars in New York on worries about tight supplies and US currency weakness.

The double effect of surging oil prices and the weakening US dollar pushed gold to its own record. The precious metal struck an historic peak of 867.90 dollars an ounce.

Gold is seen as a defence against inflation, driven in many countries by the surging cost of crude oil.

"Investors are worried about the oil prices and the weak dollar," said Gary Yue, a dealer at Delta Asia Financial Group.

"When the situation is unstable, they invest their money elsewhere and this has boosted the buying interest in gold."

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