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The price of gold passed 800 dollars an ounce on Wednesday for the first time since 1980 after the US Federal Reserve lowered its key short-term interest rate, the New York Mercantile Exchange said.
Oil prices scaled record highs of more than 95 dollars a barrel in Asian trade Thursday after the Federal Reserve lowered interest rates and following news of a surprise decline in US crude stocks.
Oil prices barreled through new records of more than 96 dollars in Asian trade Thursday after the Federal Reserve lowered interest rates and following news of a surprise decline in US crude stocks.
World oil prices rocketed to a record 96.24 dollars per barrel on Thursday as traders absorbed a surprise fall in US crude stocks alongside the Federal Reserve's interest rate cut.
The price of oil Thursday rocketed to a record 96.24 dollars per barrel on worries over tight supplies, before sliding on profit-taking, dealers said.
World crude prices rebounded toward record high points and within striking distance of 100 dollars a barrel on Thursday amid supply concerns in the North Sea and unrest in oil-rich Yemen.
World crude prices retreated Thursday after US Federal Reserve chairman Ben Bernanke's comments on sluggish growth in the world's largest economy prompted traders to scale back the outlook for demand.
Oil traded higher in Asia on Friday but the rise was capped after a new warning that the economy in the United States, the world's largest consumer of energy, would slow, dealers said.
World oil prices rose Friday but were off record high points and a landmark 100 dollars a barrel as the market digested supply concerns and the prospect of lower demand for crude, analysts said
The Saudi and Kuwaiti oil ministers said on Sunday that OPEC will discuss the possibility of raising oil output if needed to cool soaring prices.
Oil prices fell by more than a dollar in Asian trade on Monday after OPEC kingpin Saudi Arabia indicated the oil cartel will discuss raising output if the need arises, dealers said.