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Commodity Prices Near Record highs Amid Weak Dollar
Agencies
Published in The Saudi Gazette on 15 - 03 - 2008

taking Friday, a day after hitting an all-time high of $111 per barrel because of a sliding dollar and choppy world stock markets, traders said.
New York's main oil contract, light sweet crude for delivery in April, shed 50 cents to $109.83 per barrel.
Brent North Sea crude for April fell 30 cents to $107.24 per barrel on Friday. The contract had hit an historic peak of $107.88 on Thursday.
“Crude futures were a little lower (Friday), pausing after robust gains throughout the week,” said Sucden analyst Andrey Kryuchenkov.
“The dollar sentiment remains negative. Dollar denominated commodities are still well supported by the weaker greenback, making them relatively cheaper for foreign investors.”
Oil prices have rocketed by 90 percent over the past year as the market, powered by tight supplies, geopolitical concerns in key producer nations and fierce demand for crude from China and India.
Prices have gained about nine percent in value since the start of 2008, aaccelerating after the OPEC crude exporters' cartel held output at current levels last week.
In foreign exchange market trading on Friday, the euro hit a record high $1.5651 amid growing US recession fears.
World share prices had been rocked across the globe on Thursday by resurfacing worries that the US subprime home loan crisis and subsequent credit squeeze could herald a global economic slowdown.
Sentiment was battered as news emerged that a troubled investment fund backed by US private equity giant Carlyle had failed.
Investors in turn ran to commodities for shelter from risks to higher inflation, which also sent gold prices above $1,000 per ounce for the first time on Thursday.
“Energy markets continue to enjoy their status as an alternative ‘safe haven' for those fleeing the ravaged bond and stock markets,” said MF Global analyst Ed Meir. “With the sinking dollar providing support, the path of least resistance seems to be higher still.”
Elsewhere on Friday, the OPEC crude exporters' cartel left unchanged its estimate for growth in world oil demand this year.
The Organization of Petroleum Exporting Countries argued that while high oil prices and mild winter weather would brake demand in major industrialized countries, the market for crude would be strong elsewhere.
“World oil demand in 2008 is forecast to grow by 1.2 million barrels per day to average 86.97 million bpd, unchanged from our previous” estimate, the organization said in its March monthly report. __


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