Crude For May Delivery Approaches $112 A Barrel

Crude For May Delivery Approaches $112 A Barrel



Light crude for May delivery approached the $112 a barrel level, while Brent crude futures rose $1.74 to $124 a barrel.

Buying momentum has continued as hopes fade for a quick resolution of conflicts in Libya. Last week, crude-oil futures traded at $106 a barrel and prices have only climbed since then.

The weakening of the U.S. dollar and uncertainty over a possible U.S. government shutdown helped crude-oil prices increase.

Tudor Pickering Holt analysts said, "Middle East tensions driving further crude-oil gains from these elevated levels will make us incrementally more nervous about energy demand, the economy and inflation."

Commodities Report: Gold Hits Record High; Crude Tops $106 a Barrel

Commodities Report: Gold Hits Record High; Crude Tops $106 a Barrel



Commodities rallied to finish higher Thursday as both crude oil and gold futures surged as the first quarter came to a close.

Light, sweet crude oil for April delivery finished up 2.4% to $106.72 a barrel. In other energy futures, heating oil was up 1.7% to $3.09 a gallon while natural gas was up 0.99% to $4.39 per million British thermal units.

Meanwhile, gold futures ended at a record high helped in part by a weaker dollar.

Gold for June delivery finished up $15 to $1,439.90 an ounce. In other metal futures, silver was up 0.78% to $37.80 a troy ounce while copper traded up 0.82% to $4.30.

The U.S. dollar index (DXY) is down 0.36% to $75.84.