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Oil surged above $99 a barrel to a new intraday high, as the dollar weakened and renewed violence in oil exporter Nigeria revived worries of tightening supplies.
U.S. crude resumed its march towards triple digits, gold rallied to a record high and platinum hit an all-time record amid expectations of new investor money flowing into commodities.
ear with bullion prices pushing past the previous high of $850 a troy ounce reached in January 1980.
Gold pushed to $859.30 a troy ounce on Wednesday, helped by renewed US dollar weakness after the influential ISM manufacturing survey indicated that activity contracted in December, fuelling fears that weakness in the housing market is spreading into the wider economy.
On the New York Mercantile Exchange at 12:17 p.m. EST, February crude was up $2.67 or 2.78 percent at $98.65 a barrel, trading from $96.05 to $100.00, a record front-month high, eclipsing the previous record of $99.29 hit November 21.
Originally posted by infinite
The Dow is taking a dive. Ekkk!!