Metal Investments

Crude Oil USD 200 a barrel?

09. June 2008

Monday, 14:40pm GMT


  • Oil soared more than $16 a barrel in a two-day rally on Thursday and Friday to record high of $139.12 a barrel on weakness in the U.S. dollar and rising tension between Israel and Iran. The price of crude will stay high for some time is the projection by the World Bank. Members of the Organization of the Petroleum Exporting Countries (OPEC) have said they see no need to pump more oil in response to the surge in prices.

  • LME base metals are weaker today. Copper is down to $ 7950 per ton after Friday rally which took the red metal over $ 8000 mark. Copper stocks are down by 950 tons to 122,550 tons.

  • Aluminium is also down to $2946 with LME stocks down down by 1475 tons to 1,070,9925 tons.

  • Gold is at $898.50.

  • At 15:00 pm GMT, the FTSE 100 index was at 5910 up 4 points.