Metal Investments

Crude Oil at $200 a barrel?

06. May 2008

Tuesday, 12:20am GMT


  • U.S. crude oil futures rose to a new record high for a second day on Tuesday, with crude oil futures for June delivery touching a record of $120.70 a barrel. London Brent crude oil futures set a new record of $119.03 a barrel. Supply disruptions in Nigeria have helped push oil to new peaks.

  • LME base metals are up this morning as Copper rose on improved demand prospects, higher oil prices, and worries over supply as the dollar steadied after rallying last week. Bargain hunters took advantage of the lower prices seen last week after copper hit its lowest level since late March. LME Copper stocks are up by 50 tons to 109,650 tons.

  • Aluminium is at $2924 with LME stocks down by 1175 tons to 1,036,325 tons.

  • Gold is at $875.60. LONDON, May 6 (Reuters) - Gold extended gains on Tuesday on bargain hunting and record-high oil prices, which enhanced the metal's appeal as a hedge against inflation.

  • The FTSE 100 index is down this afternoon by 32 points to 6183. The UK mining stocks rose, led by Rio Tinto Group the world's third-largest mining company, rallied 3.2 percent to 6,300 pence and BHP Billiton Ltd.the world's biggest mining company, advanced 2 percent to 1,914 pence, as copper prices gained in London. Tullow Oil Plc soared 17 percent to 892, the biggest jump in eight years after saying its Jubilee oil field off Ghana's coast extends over at least 11 kilometers.

    LME Metals 3 Month Prices, 15:20pm GMT

    Bid Offer Change *
    Copper $8530 $8540 + $140
    Aluminium $2950 $2954 + $45
    Lead $2600 $2610 + $28
    Zinc $2263 $2269 + $59
    Nickel $28650 $28700 + $325
    Tin $23700 $23840 + $700

    * Change from previous day's close