{"id":7224,"date":"2008-02-29T00:00:00","date_gmt":"2008-02-29T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"oil-hits-record-lifts-gold-palm-to-new-highs","status":"publish","type":"post","link":"https:\/\/www.hedgeco.net\/news\/02\/2008\/oil-hits-record-lifts-gold-palm-to-new-highs.html","title":{"rendered":"Oil hits record, lifts gold, palm to new highs"},"content":{"rendered":"<p>Guardian Unlimited-&nbsp; Oil surged to a record high above $103 on Friday as supply disruption fears and the dollar&#8217;s fall to three-year lows against the yen prompted funds to pile into commodities, lifting gold and palm oil to historic highs.<\/p>\n<p>Base metals hovered near 21-month peaks, but wheat fell more than 2 percent in Asia, extending a plunge that began the previous day after unauthorised trades by a dealer prompted broker MF Global to set aside $141.5 million to cover losses.<\/p>\n<div>&quot;Hedge funds are taking advantage of the very weak dollar, but the fundamentals are very poor,&quot; said Makoto Takeda of Tokyo&#8217;s Bansei Securities.<\/div>\n<div \/>\n<div>U.S. crude hit a high of $103.05 in early trade, smashing the inflation-adjusted high of $102.53 reached in 1980, a year after the Iranian revolution, but later shed initital gains, falling 4 cents to $102.55 a barrel by 0344 GMT.<\/div>\n<div>The Trans-Ecuadorean pipeline, which pumps most of the oil extracted by Petroecuador in the Amazon jungle to ports on the Pacific Ocean, was shut after a landslide punctured it.<\/div>\n<div \/>\n<div><a href=\"http:\/\/www.guardian.co.uk\/feedarticle?id=7346447\"><strong>Read Complete Article<\/strong><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Guardian Unlimited-&nbsp; Oil surged to a record high above $103 on Friday as supply disruption fears and the dollar&#8217;s fall to three-year lows against the yen prompted funds to pile into commodities, lifting gold and palm oil to historic highs. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7224","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=7224"}],"version-history":[{"count":0,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7224\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=7224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=7224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=7224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}