Oil Price Surges to All-Time High

Sean O'Grady / London Independent:
Crude oil has surged for a fourth day as the feeble dollar and lacklustre stock markets increased the appeal of commodities for investors. Oil and gold prices surged to record highs yesterday as the dollar fell to close to its lowest level ever against the euro. Gold hit a new high near $980 an ounce, and crude oil set an all-time high of above $103 a barrel – both beating the real-terms peaks reached in 1979-80. Many traders believe that gold at $1,000 an ounce is now well within reach.

Posted by Editor at March 3, 2008 01:03 AM